Source: http://www.ncsl.org/research/financial-services-and-commerce/payday-lending-2013-legislation.aspx
Timestamp: 2014-12-17 23:09:06
Document Index: 548337022

Matched Legal Cases: ['§28', '§75', '§75', '§75', '§ 75', '§75', '§75', '§75', '§75', '§75', '§75', '§408', '§367', '§987', '§408', '§408', '§408', '§408', '§13', '§13', '§13', '§3112', '§16', '§138', '§138']

Back Payday Lending 2013 Legislation
Payday Lending: 2013 Legislation
In the 2013 legislative session to date, 28 states have pending legislation regarding payday lending.
PLEASE NOTE: The summaries should be used for general informational purposes and not as a legal reference. NCSL is unable to provide guidance to citizens or businesses regarding payday loan laws and practices. If you have questions regarding the application of a state law to a specific payday loan, please contact the Office of the Attorney General in your state.
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H.B. 320
Under existing law, deferred presentment transactions, commonly referred to as payday loans, are regulated by the State Banking Department pursuant to the Deferred Presentment Services Act. This bill adds to this act the term "Principal Balance" and define the term. This bill provides that a person who is not exempted from the Deferred Presentment Services Act would be subject to the provisions of this act. This bill provides that any loan contract entered into in violation of the act would be void. This bill imposes limits on the amount of interest that could be charged for a loan. This bill prohibits a licensee from extending a loan to a customer who has an outstanding deferred presentment transaction with a value of $500 or more, who has six or more deferred presentment transactions from all licensees in any 12-month period, an extended repayment with a licensee until 14 days after the plan is paid in full, or the customer or their spouse or dependent is a member of the military. This bill extends the time in which payment of a check may be deferred. This bill provides that a licensee may not use or threaten force or violence against a customer and limit the threatening of criminal prosecution against a customer. This bill provides that the period of the deferred presentment transaction would not begin until the customer receives the funds from the licensee. This bill requires licensees to use a database designated by the supervisor to ensure that a customer does not have any deferred presentment transaction over $500. This bill requires each licensee to report within a specified time certain information to the supervisor.
Passed House 4/25/13
This bill provides that a person who is an entity licensed to provide deferred presentment services is subject to suspension or revocation of its license for a violation of federal law in regard to members of the United States military.
Postponed indefinitely 5/7/13
S.B. 449
Indefinitely postponed 5/7/13
Under existing law, deferred presentment transactions, commonly referred to as payday loans, are regulated by the State Banking Department pursuant to the Deferred Presentment Services Act. This bill adds the term "Principal Balance" to the act and defines the term. This bill provides that a person who is not exempted from the Deferred Presentment Services Act would be subject to the provisions of this act. This bill provides that any loan contract entered into in violation of the act would be void. This bill prohibits a licensee from extending a loan to a customer who has an outstanding deferred presentment transaction with a value of $500 or more, who has six or more deferred presentment transactions from all licensees in any 12-month period, an extended repayment with a licensee until 14 days after the plan is paid in full, or the customer or their spouse or dependent is a member of the military. This bill provides that a licensee may not use or threaten force or violence against a customer and limit the threatening of criminal prosecution against a customer. This bill provides that the period of the deferred presentment transaction would not begin until the customer receives the funds from the licensee. This bill requires licensees to use a database designated by the supervisor to ensure that a customer does not have any deferred presentment transaction over $500. This bill requires each licensee to report within a specified time certain information to the supervisor.
A.B. 129
Existing law, the California Finance Lenders Law, provides for the licensure and regulation by the commissioner of Corporations until July 1, 2013, and thereafter by the deputy commissioner of Business Oversight for the Division of Corporations, of those engaged in making consumer loans, as defined, and makes a willful violation of its provisions a misdemeanor. Existing law until January 1, 2015, establishes the Pilot Program for Affordable Credit-Building Opportunities for the purpose of increasing the availability of credit-building opportunities to under-banked individuals seeking low-dollar-value loans. Existing law requires licensees to file an application with, and pay a fee to, the commissioner to participate in the program. Existing law authorizes a licensee participating in the program to use the services of a finder, as defined, and regulates the activities and compensation of those finders. Existing law requires the commissioner to examine the performance of each licensee in the program at least once every 24 months, and requires the costs of examination to be paid by the licensee to the commissioner, as specified. Existing law also requires the commissioner to conduct a random sample survey of borrowers under the program and to report to specified legislative committees, by January 1, 2014, summarizing utilization of the Pilot Program for Affordable Credit-Building Opportunities, as specified. Existing law provides that information provided by a licensee to the commissioner for purposes of the report is exempt from public disclosure requirements. This bill extends the pilot program until January 1, 2016, and changes the date for the committees to report to the legislative committees to January 1, 2015. This bill also provides legislative findings demonstrating the need for the limitation on disclosure of the information provided to the commissioner by a licensee for purposes of preparing the report regarding the program.
To Senate for concurrence 9/10/13
This bill abolishes the Pilot Program for Affordable Credit-Building Opportunities. The bill, until January 1, 2018, establishes the Pilot Program for Increased Access to Responsible Small Dollar Loans for the purpose of allowing greater access for responsible installment loans in principal amounts of at least $300 and less than $2,500. The bill requires licensees and other entities to file an application and pay a specified fee to the commissioner of Business Oversight to participate in the program. The bill authorizes a licensee approved by the commissioner to participate in the program to impose specified alternative interest rates and charges, including an administrative fee and delinquency fees, on loans of at least $300 and less than $2,500, subject to certain requirements. This bill also authorizes a licensee in the program to use the services of finders, defined as entities who, at the finder’s physical location for business, bring licensees and prospective borrowers together for the purpose of negotiating loan contracts, subject to a written agreement meeting specified requirements. The bill establishes the services a finder is authorized and required to perform, and requires a finder to comply with the laws applicable to the licensee relative to information security. The bill requires a licensee to notify the commissioner within 15 days of entering into a contract with a finder, requires a licensee to pay an annual finder registration fee to the commissioner, and requires a licensee to submit an annual report to the commissioner on the licensee’s relationship and business arrangements with a finder, as specified. The bill authorizes the commissioner to examine the operations of a licensee and a finder to ensure that the activities of the licensee and the finder are in compliance with these provisions. The bill makes a licensee that uses a finder responsible for a violation of these provisions by a finder or a finder’s employee, and authorizes the commissioner to impose administrative penalties against a finder for a violation of these provisions. The bill authorizes the commissioner, upon a violation of these provisions, to disqualify a finder from performing services, bar a finder from performing services at one or more specific locations of the finder, terminate a written agreement between a licensee and a finder, and, under specified circumstances, prohibit the use of the finder by all licensees. The bill authorizes a licensee participating in the program to appoint one or more branch managers with responsibility for multiple branch locations, subject to approval by the commissioner. This bill requires the commissioner to examine the performance of each licensee in the program at least once every 24 months, and requires the costs of examination to be paid by the licensee to the commissioner, as specified. The bill also requires the commissioner to conduct a random sample survey of borrowers under the program. The bill requires the commissioner to post a report on the commissioner’s Internet Web site by July 1, 2015, and once again by January 1, 2017, summarizing utilization of the Pilot Program for Increased Access to Responsible Small Dollar Loans, as specified. This bill makes licensees of the abolished Pilot Program for Affordable Credit-Building Opportunities subject to the newly established Pilot Program for Increased Access to Responsible Small Dollar Loans. The bill continues in existence any outstanding loans made under the abolished pilot program and the loans would remain subject to the terms and conditions that existed at the time the loan was made.
S.B. 515
Existing law, the California Deferred Deposit Transaction Law, provides for the licensure and regulation by the commissioner of Corporations until July 1, 2013, and thereafter by the senior deputy commissioner of Business Oversight for the Division of Corporations, of persons engaged in the business of originating or making deferred deposit transactions, as defined. Existing law requires a licensee to file an annual report with the commissioner, on or before March 15 of each year. Under existing law, the licensee’s annual report is confidential and not open to public inspection. Existing law requires the commissioner to prepare an annual consolidated report based upon specified information received from licensees. Existing law authorizes the commissioner to suspend or revoke the license of a license that fails to file the annual report. Existing law makes a willful violation of the California Deferred Deposit Transaction Law a crime. Under existing law, a licensee may defer the deposit of a customer’s check for up to 31 days, regardless of the check amount. Existing law requires a licensee to provide a notice to the customer regarding the deferred deposit transaction, containing specified information, including an example of all charges and fees that would be charged on at least a $100 and a $200 deferred deposit transaction, payable in 14 and 30 days, respectively. Existing law also authorizes a licensee to offer an extension of time, or a payment plan, for the repayment of a deferred deposit transaction under specified circumstances. This bill revises the period for which a licensee could defer a customer’s check, depending on the amount of the check. The bill requires the notification provided to the customer to set forth an example of charges and fees charged on a $100, $200, and $300 deferred deposit payable in 30, 60, or 90 days, respectively. The bill imposes specified underwriting duties on licensees, to determine a customer’s likely ability to repay a deferred deposit transaction when due. The bill also prohibits a licensee from entering into a deferred deposit transaction with a customer if it would result in the customer entering into more than four deferred deposit transactions in a 12-month period. This bill deletes existing repayment extension procedures, and instead require a licensee to offer an installment payment option, as specified, to a customer who notifies the licensee that he or she is unable to repay a deferred deposit transaction amount when due. The bill deletes the provisions that make a licensee’s annual report to the commissioner confidential and exempt from public inspection. The bill revises the required contents of the licensees’ and commissioner’s annual reports described above to include, among other things, prescribed information relating to installment plans entered into by a licensee. Existing law prohibits a licensee from entering into an agreement for a deferred deposit transaction with a customer during the period of time that an earlier written agreement for a deferred deposit transaction for the same customer is in effect. This bill instead prohibits a licensee from entering into an agreement for a deferred deposit transaction with a customer during the period of time that an earlier written agreement for a deferred deposit transaction for the same customer is in effect with any licensee, as specified. This bill requires the commissioner to develop and implement a common database to provide licensees with real-time access, via an Internet connection, to specified information relating to deferred deposit transaction customers. Records in the database would not be open to public inspection. The bill prescribes the duties of licensees, the database provider, and the commissioner in connection with the creation and operation of the database, and additionally makes various conforming changes. The bill authorizes the database provider, pursuant to rules adopted by the commissioner, to charge a fee for entering data into the database.
Existing law, the California Finance Lenders Law, provides for the licensure and regulation by the commissioner of Corporations of licensees engaged in making consumer loans, as defined. Existing law requires these licensees to file an annual report with the commissioner concerning their business and operations. Existing law requires the commissioner to annually make and file with the department a composite of those annual reports. Existing law, the California Deferred Deposit Transaction Law, provides for the licensure and regulation by the commissioner of Corporations of persons engaged in the business of originating or making deferred deposit transactions, as defined. Existing law requires a licensee to file an annual report with the commissioner. Existing law requires the commissioner to prepare an annual consolidated report based upon specified information received from licensees. The governor’s Reorganization Plan No. 2 of the 2011–12 Regular Session provides that, on and after July 1, 2013, the responsibilities of the Department of Corporations and the commissioner of Corporations shall be transferred to the Department of Business Oversight and the deputy commissioner of Business Oversight for the Division of Corporations. This bill, on or before March 15 annually, requires the commissioner to prepare a specified report on the lending and collection practices of unlicensed persons offering deferred deposit transactions or installment loans, or both, in amounts under $2,500, over the Internet, to persons in California, and on the enforcement actions taken by the commissioner against these persons. The bill also requires the commissioner to post on the department’s Internet Web site the company names and Internet Web site addresses of unlicensed lenders offering those deferred deposit transactions or installment loans without a license from the commissioner. The bill also requires the commissioner to accompany this posting with a consumer warning that alerts Californians to the unlicensed nature of the activities being conducted by these lenders.
S.B. 598
Passed Senate 3/5/13
Requires check cashers to provide specific additional information relating to deferred deposit transactions. Limits the cumulative fees charged by check cashers. Requires check cashers to enter into payment plans with certain customers.
Signed by governor 3/12/13, Chapter 54
Amends §28-46-413 to revise requirements relating to payday loan business practices.
H.B. 919
Signed by governor 8/9/13, Public Act 98-0209
Amends the Payday Loan Reform Act and the Consumer Installment Loan Act. Provides that the Department of Financial and Professional Regulation shall establish by rule and publish a schedule of fines that are reasonably tailored to ensure compliance with the provisions of the Acts and which include remedial measures intended to improve licensee compliance.
H.B. 1741
Amends the Payday Loan Reform Act. Imposes a surcharge upon each lender in an amount equal to $1 for each payday loan made by that lender. Provides that the moneys collected from the surcharge shall be deposited into the Small Loan Community Reinvestment Fund, less two percent of those proceeds, which shall be paid into the Tax Compliance and Administration Fund. Amends the State Finance Act to create the Small Loan Community Reinvestment Fund. Provides that moneys in the Fund shall be used by the Department of Commerce and Economic Opportunity to make grants to not-for-profit organizations dedicated to educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services.
S.B. 2383
Amends the Consumer Installment Loan Act. Provides that no licensee shall conduct the business of making loans under the Act within any office, suite, room, or other place of business in which any other business is solicited or engaged unless the other business is licensed by any licensing authority in this state or, in the opinion of the director of Financial Institutions, the other business would not be contrary to the best interests of consumers. Amends the Payday Loan Reform Act. Provides that no licensee shall conduct the business of making loans under the Act within any office, suite, room, or place of business in which any other business is solicited or engaged in unless the other business is licensed by any licensing authority in this state or, in the opinion of the secretary of Financial and Professional Regulation, the other business would not be contrary to the best interests of consumers and is authorized by the secretary of in writing. Changes the maximum time period for payday loans to 182 days (was 180 days).
H.F. 382
Modifies provisions applicable to delayed deposit services businesses.
Modifies provisions relating to the regulation of delayed deposit services businesses, makes penalties applicable.
S.F. 135
Provides access to delayed deposit services customer information by designated entities for specified purposes, provides a penalty.
S.F. 181
Signed by governor 3/28/13, Chapter 5
Provides that certain depositories may pay interest to a public officer on public fund deposits; relates to debt management, money transmission and currency exchange, and delayed deposit service businesses; provides for a nationwide licensing system, the members of the real estate appraiser board, appraisal standards, background checks, engineering, land surveying, and real estate personnel licensing examinations, and a repeal of provisions concerning misleading advertising and the practice of architecture.
S.S.B. 1250
Became S.F. 450 4/17/13
Modifies provisions pertaining to delayed deposit services businesses, including provisions relating to fees.
Amends the Kansas Uniform Consumer Credit Code to prevent supervised lenders from making payday loans to a consumer that already has two outstanding payday loans with any lender. The bill puts restrictions on the amount of consecutive loans that are allowed between a particular lender and borrower. Requires the Division of Consumer and Mortgage Lending of the Office of the State Bank Commissioner to establish an internet database for compiling loan information from all lenders and to ensure compliance with the requirements of the bill. The bill allows the Division of Consumer and Mortgage Lending to hire a third party vendor to set up and maintain the internet database and to impose a transaction fee of up to $1 to be paid for by each lender that is required to access the database prior to making a new payday loan.
Amends provisions regarding limits on the number of loans a consumer may have at one time and requires the creation of a payday loan database.
Amends KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amends KRS 286.9-100 to delete the service fee of $15 per $100 loan and establishes a maximum annual percentage rate of 36 percent; provides that making a deferred deposit transaction in violation of the maximum interest provisions is an unfair, false, misleading, and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies; prohibits a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; amends KRS 286.9-102 to require a licensee to conspicuously display interest charges for services; creates a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions shall be deemed a forfeiture of the entire interest for the transaction and the person who paid the interest, or his or her legal representative, may recover twice the amount paid in any action against the lender if commenced within two years of the deferred deposit transaction.
Amends §75-67-519 to prohibit check cashers from cashing a delayed deposit check for any person who has an outstanding delayed deposit check with another check casher that has not been repaid in full. It directs the commissioner of banking to provide for the development of a database in which check cashers must record each delayed deposit transaction in order to prevent violations of the maximum amount that may be outstanding. It authorizes the commissioner to charge a fee to check cashers as necessary to maintain the database system. It provides that the maximum amount that check cashers may charge for cashing a delayed deposit check shall not exceed an annual percentage rate of 36 percent per annum on the face amount of the check.
Signed by governor 3/20/13, Chapter 408
Reenacts §§75-67-501 through 75-67-537, which are the Mississippi Check Cashers Act; repeals §75-67-539, which is a repealer on the Check Cashers Act.
H.B. 796
Amends § 75-67-313 and §75-67-413 to provide that the maximum amount that pawnbrokers and title pledge lenders may charge for their services shall not exceed an annual percentage rate of 25 percent per annum on the amount of the principal amount advanced in the transaction that remains unpaid; amends §75-67-519 to provide that the maximum amount that check cashers may charge for cashing a delayed deposit check shall not exceed an annual percentage rate of 25 percent on the face amount of the check.
S.B. 2517
Declares legislative intent to prohibit activities commonly referred to as payday lending, deferred presentment services, advance cash services and other similar activities; provides that it shall be unlawful to engage in the business of making certain small loans; provided criminal penalties therefor; provides for collection of civil penalties in actions by the state or by private parties on behalf of the state; declares the site or location of a place of business where payday lending takes place in the state of Mississippi as a public nuisance; repeals §§75-67-401 through 75-67-449, which create the Mississippi Title Pledge Act; repeals §§75-67-501 through 75-67-539, which create the Mississippi Check Cashers Act.
S.B. 2697
Reenacts §§75-67-501 through 75-67-539, which create the Mississippi Check Cashers Act; repeals §75-67-539, which provides for the repeal of the Mississippi Check Cashers Act.
This bill changes the laws regarding unsecured loans of $500 or less, commonly known as payday loans. In its main provisions, the bill: (1) Specifies that the provisions regarding payday loans apply to unsecured loans of $750 or less. Currently, they apply to unsecured loans of $500 or less; (2) Allows a lender to renew a loan twice, instead of the current six times; (3) Prohibits a borrower from having more than $750 in outstanding loans at one time; (4) Prohibits a lender from making a loan to a borrower if the loan would cause the borrower to have more than one unsecured loan or from making a loan to a borrower within one day of the borrower paying or otherwise satisfying in full a previous payday loan; (5) Requires a lender to disclose to a borrower at the time of signing a loan the duration of the loan, amount and date of payments due, and amount of interest and fees to be charged throughout the duration of the loan; (6) Specifies that a lender's sole and exclusive remedy against a borrower who delivers a check, draft, or order that is not honored for payment on a loan will be a breach of contract claim and that a lender is barred from bringing a civil action for passing a bad check; and (7) Requires the Division of Finance within the Department of Insurance, Financial Institutions and Professional Registration to develop and administer a real-time statewide compliance system for licensed payday lenders to record each payday loan transaction.
This bill changes the laws regarding consumer credit interest rates. In its main provisions, the bill: (1) Requires any person making or offering a consumer credit loan to contract for and receive interest and fees in accordance with §§408.100, 408.140, and 408.170, RSMo, relating to small loans (§367.105); (2) Specifies that it is the intention of the people of Missouri to prevent lenders of payday loans, car title loans, and installment loans from charging excessive fees and interest rates that can lead families into a cycle of debt by: (a) Reducing the annual percentage rate for payday, title, installment, and other high-cost consumer credit and small loans from triple-digit interest rates to 36 percent per year; (b) Extending to veterans and others the same 36 percent rate limit in place for payday and title loans to active military families as enacted by the 109th United States Congress in 10 U.S.C. §987; and (c) Preserving fair lending by prohibiting lenders from structuring other transactions to avoid the rate limit through subterfuge (§408.100.1); (3) Prohibits any lender of small loans, subject to §408.100, from charging interest, fees, and finance charges at an annual percentage rate greater than 36 percent (§408.100.2); and (4) Prohibits a person from engaging in any device or subterfuge intended to evade the requirements of Chapter 408, relating to legal tender and interest, through any method including, but not limited to, mail, telephone, Internet, or any electronic means (§408.100.3). The bill contains a referendum clause and will be submitted to qualified voters in November 2013.
Signed by governor 4/24/13, Chapter 277
Revises the Montana Deferred Deposit Loan Act; extends the time to request a hearing; adds penalties including forfeiture of loan principal for loans made by unlicensed persons; eliminates the cap on civil penalties for a single administrative action; revises licensing and reporting requirements; authorizes the Department of Administration to participate in a nationwide licensing system for purposes of licensing deferred deposit loan licensees; grants rulemaking authority.
Signed by governor 3/27/13, Chapter 96
Revises or eliminates certain provisions that unnecessarily require an oath, notarization, or other affirmation of certain documents, actions, facts, specifications, or assurances in the Montana Deferred Deposit Loan Act.
L.B. 279
Signed by governor 3/7/13
Changes provisions relating to loan brokers, delayed deposit services, and installment loans.
Signed by governor 6/1/13, Chapter 322
Existing law establishes certain limitations on the amounts that a check-cashing service, deferred deposit loan service, high-interest loan service or title loan service may charge after a customer defaults on a loan. (NRS 604A.485) This bill authorizes certain licensees to charge not more than $15, payable on a one-time basis, for any installment payment that remains unpaid 10 days or more after the date of default.
A.B. 3719
Includes payday lending as a violation of the consumer fraud act.
H.M. 25
Requests the New Mexico Legislative Council to appoint an interim consumer lending task force to study high-cost lending in New Mexico and report its findings and recommendations to the New Mexico Legislative Council.
Signed by governor 4/5/13, Chapter221
Amends the New Mexico Small Loan Act of 1955; provides for discretionary penalties; clarifies licensee information to be reported.
A.B. 2962
S.B. 4036
Allows and regulates the business of providing deferred presentment services to certain persons.
S.B. 89
H.B. 1084
Signed by governor 4/8/13, Chapter 115
Creates and enacts two new sections to chapter 13-05, two new sections to chapter 13-08, two new sections to chapter 13-09, and a new section to chapter 13-11 of the North Dakota Century Code, relating to a six-month extension of a collection agency license, a deferred presentment service provider license, and a money transmitter license during the 2014 calendar year, and the confidentiality of information submitted or received by the commissioner or commissioner's designee to a nationwide multistate licensing system; and amends and reenacts §§13-05-03, 13-05-05, 13-08-04, and 13-08-09, subsection 6 of §13-08-12, and §§13-09-07, 13-09-10, and 13-11-03 of the North Dakota Century Code, relating to collection agency license applications, the expiration and renewal of a collection agency license, deferred presentment service provider license applications, the expiration and renewal of a deferred presentment service provider license, deferred presentment service transaction procedures, money transmitter license applications, the expiration and renewal of a money transmitter license, and debt-settlement provider license applications.
Relates to the Deferred Deposit Lending Act; amends 59 O.S. 2011, §3112, which relates to licenses. It modifies references.
Relates to Deferred Deposit Lending Act; relates to definitions, credit terms, rescission, lending practices, collection procedure, finance charges, renewal transactions, advertising, licensure, investigations, powers of administration of the Commission on Consumer Credit, and penalties.
Amends Titles 7 (Banks and Banking) and 18 (Crimes and Offenses) of the Pennsylvania Consolidated Statutes, providing for micro loan reform and imposing penalties; further provides for deceptive or fraudulent business practices; and provides for unlicensed short-term lending.
H.B. 5019
This act repeals the provisions of the general laws allowing deferred deposit providers, also known as "payday lenders."
S.B. 658
Adds §16-13-485 so as to provide that it is unlawful to engage in the business of deferred presentment services in this state and to provide a civil penalty; and to repeal chapter 39, title 34 relating to deferred presentment services.
Requires that certain notices and disclosures provided by credit access businesses—deferred presentment and title lenders—be in foreign languages.
Relates to extensions of consumer credit a credit services organization obtains for a consumer or assists a consumer in obtaining, including deferred presentment and title loans.
Relates to the repayment of certain extensions of consumer credit facilitated by a credit access business.
H.B. 1715
Relates to limitations on the renewal of deferred presentment transactions and motor vehicle title loans.
Relates to requirements applicable to certain credit services organizations and certain extensions of consumer credit the organizations obtain for a consumer or assist a consumer in obtaining.
Signed by governor 6/14/13, Chapter 784
Relates to authorized charges for certain consumer loans; provides that interest under the scheduled installment earnings method or true daily earnings method may not be compounded; provides that an administrative fee is not interest; provides for a maximum administrative fee for a loan contract that is greater than the maximum authorized amount; provides for alternate interest charge computation methods; provides for installment accounts.
S.B. 1247
Relates to certain extensions of consumer credit facilitated by credit access businesses; provides a civil penalty.
H.B. 3019
Relates to certain extensions of consumer credit facilitated by a credit access business for certain military personnel or their dependents.
H.B. 3461
Relates to the partial repayment of certain extensions of consumer credit obtained for a consumer by a credit access business or that a credit access business assists the consumer in obtaining.
Relates to authorized acquisition and delinquency charges for certain consumer loans.
S.B. 998
Relates to the authority of a municipality to regulate fees charged in connection with certain loans, including deferred presentment and title loans.
S.B. 1689
Relates to the regulation of credit access businesses.
Relates to insufficient funds charges and check or debit authorization for a deferred presentment transaction.
Relates to extensions of consumer credit a credit services organization obtains for a consumer or assists a consumer in obtaining; provides a civil penalty.
Signed by governor 3/22/13, Chapter 73
This bill modifies the Financial Institutions Act and Financial Institution Mortgage Financing Regulation Act to address powers and duties of the Department of Financial Institutions and persons under the jurisdiction of the Department of Financial Institutions. This bill: defines "nationwide database"; requires entities that engage in business as check cashers, deferred deposit lenders, and certain other lenders to file with the Division of Corporations and Commercial Code; changes the day on which registration as check casher or deferred deposit lender expires; requires registration by deferred deposit lenders with the nationwide database; and grants rulemaking authority to the commissioner to provide for a transition of person registering with the nationwide database.
Provides that a locality may by ordinance reasonably limit the number of motor vehicle title loan businesses, payday lenders, check cashers, and precious metals dealers that may be operated at any one time within its territorial limits. The ordinance may limit the number of such establishments based on a specific number of businesses per magisterial or election district or by limiting the number of such businesses within an established radius.
Stricken from consideration 1/14/13
Repeals provisions authorizing payday lending in the Commonwealth.
Changes the interest rate on small loans to a maximum of 36 percent per annum.
Raises the number of small loans a borrower may have in a 12-month period from eight to 12.
S.B. 5419
Changes the number of loans, from eight to 12, that a borrower is allowed to receive.
Signed by governor with line item veto 6/30/13, Act 20
Provides that with respect to an installment loan not secured by a motor vehicle made by a licensee under §138.09 or with respect to a payday loan not secured by a motor vehicle made by a licensee under §138.14; to have outstanding an amount of one full payment or more which has remained unpaid for more than 10 days after the scheduled or deferred due date. For purposes of this paragraph the amount outstanding shall not include any delinquency or deferral charges and shall be computed by applying each payment first to the installment most delinquent and then to subsequent installments in the order they come due.
A.B. 301
This bill repeals the default provision specific to installment loans by licensed lenders and payday loans that was created in 2013 Wisconsin Act 20.
Relates to the Uniform Consumer Credit Code; provides for notification of payday check cashing laws; provides for a limit on amount financed; modifies interest charges; provides a penalty for a post-dated check cashier who violates this act as specified; allows for suspension of a post-dated check casher's license.
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