US Introduced Payday Lending Legislation Resources – 2003 Session in United States
US Introduced Payday Lending Legislation Resources – 2003 Session
State: | Legislation: |
Alabama | H.B. 32 Requires the State Banking Department to license and regulate individuals engaged in deferred presentment check-cashing services. Provides for license fees, the suspension and revocation of licenses, and the surrender of licenses. Provides for limitation on the maximum fees charged for deferred presentment check-cashing services. Provides that a deferred deposit loan could be renewed one time if certain conditions are met. Allows persons who are properly licensed and who are in compliance with this act to make deferred deposit loans. Allows the State Banking Department to promulgate rules and regulations to administer this bill. Makes a supplemental appropriation of $50,000 from the Banking Assessment and Fees Fund in the State Treasury to the State Banking Department for the fiscal year ending September 30, 2003. Makes an appropriation of $200,000 from the Banking Assessment and Fees Fund in the State Treasury to the State Banking Department for the fiscal year ending September 30, 2004. Provides for fines and civil penalties for violations. |
S.B. 229 Provides for the State Banking Department to license and regulate individuals engaged in deferred presentment check-cashing services. Provides for license fees, the suspension and revocation of licenses, and the surrender of licenses. Provides for limitation on the maximum fees charged for deferred presentment check-cashing services. Provides for the State Banking Department to promulgate rules and regulations to administer this bill, and provides for fines and penalties for violations. |
|
Alaska | S.B. 113 Requires periodic examinations of licensees engaged in the business of making loans of money, credit, goods or things in action. |
Arizona | H.B. 2363 Relates to required disclosures for deferred presentment transactions; limits the number of times the deferred presentment transaction can be extended; requires written agreement to be in both Spanish and English. |
H.B. 2526 Relates to the interest rates and finance charges for revolving and retail installment credit sales, check loan and closed end loans. |
|
Florida | S.B. 544 Expresses the legislative intent to revise the laws regarding payday loan transactions. |
Georgia | S.B. 157 Passed Senate 4/7/03 Declares a legislative intent to prohibit activities commonly referred to as payday lending, deferred presentment services, or advance cash services and other similar activities; to provide that it shall be unlawful to engage in the business of making certain small loans; provides for exemption for licensed and regulated activities; defines crimes and declare penalties; provides for civil remedies of borrowers; provides for civil penalties; provides for collection of civil penalties in actions by the state or by private parties on behalf of the state; provides for taxation of proceeds received. |
Hawaii | S.B. 1059 Carried over to 2004 session Lengthens the deferral period of a check from 31 to 32 days. Increases the maximum for transaction fees, the total amount of outstanding deferred deposit transactions, and the dishonored check fee. |
Illinois | H.B. 1636 Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36 percent, that is secured by a post-dated check or motor vehicle title, and that is made by a lender that does not accept insured deposits. Requires lenders to disclose a toll-free telephone number for the Department of Financial Institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle’s “blue book” value. Requires lenders to provide debt management counseling information to defaulting borrowers. |
H.B. 1972 Passed House 4/3/03 Creates the Payday Loan Act. Provides only a short title. |
|
H.B. 2325 Creates the Payday Loan Act. Provides only a short title. |
|
H.B. 2958 Amends the Consumer Installment Loan Act. Provides that lenders that make loans based upon proof of the borrower’s continuing employment or ownership of equity in a motor vehicle and the borrower’s delivery to the lender of a postdated check in an amount sufficient to repay the loan must deem all fees charged for making the loan or renewing the loan to be interest for disclosure purposes. |
|
H.B. 2963 Amends the Consumer Installment Loan Act. Sets forth terms and conditions under which licensees may engage in making short-term loans. Provides that interest on these loans must be computed as simple interest. Requires licensees to provide information about debt management services to borrowers before entering into a short-term loan agreement. Establishes notice requirements for defaults by a borrower. |
|
S.B. 236 Amends the Consumer Installment Loan Act. Limits all fees, interest, and other charges a licensee may impose in connection with a loan to 1,000 percent of the prime rate charged by the largest commercial bank in Illinois at the time the loan is made. |
|
S.B. 1048 Creates the Illinois Affordable Loan Act. Provides for the licensing and regulation of lenders who make short-term loans and title-secured loans by the Department of Financial Institutions. Requires licensees to disclose when renewing a license the number of title-secured loans made, the number of vehicle repossessions, the number of short-term loans made, the minimum, maximum, and average dollar amount of short-term loans made, and the interest charged on the short-term loans. Requires licensees to disclose to borrowers a toll-free telephone number for the Department of Financial Institutions that the borrowers may call for information. Provides that the appraisal of motor vehicles that secure title-secured loans must be the value set by the Kelly Blue Book. Prohibits additional charges for cashing instruments issued by the licensee. Imposes limits on administrative or origination fees for loans. Requires licensees to refund unearned charges. Provides that licensees must comply with local zoning and other applicable local ordinances in order to qualify for a license. |
|
Louisiana | H.B. 1627 Provides for qualifications and licensure of deferred presentment and small loan lenders by the commissioner of Financial Institutions. Allows the commissioner to suspend, revoke, and take other necessary administrative actions to enforce the law. |
S.B. 1092 Creates the Louisiana Pay Day Loan Act, to regulate pay day loans and requires the law to be liberally construed in order to protect consumers. |
|
Massachusetts | H.B. 663 Relates to cashing checks for deferred deposit. |
H.B. 664 Allows consumer check cashing for deferred deposit. |
|
Michigan | H.B. 4944 Regulates the business of deferred presentment services; requires the licensing of providers of deferred presentment services; prescribes powers and duties of certain state agencies and officials; and prescribes penalties and provides remedies. |
H.B. 4985 Creates the Deferred Deposit Loan Act, provides for licensing and fees; prescribes the powers and duties of certain state agencies and officials; and provides for penalties. |
|
S.B. 21 Creates the Deferred Deposit Loan Act; regulates deferred deposit loans for issued checks; provides for licensing and fees; prescribes the powers and duties of certain state agencies and officials; and provides for penalties. |
|
S.B. 474 Vetoed by governor 1/9/04 Requires the licensing of providers of deferred presentment services; prescribes powers and duties of certain state agencies and officials; and prescribes penalties and provides remedies. |
|
Mississippi | H.B. 752 Died in committee 2/4/03 Authorizes check cashing licensees to defer the deposit of a personal check up to 30 days. Limits the amount of the check to $400 and the fee to not exceed 18 percent of the face amount of the check. Prohibits renewing or extending the deferred deposit transaction. |
Missouri | H.B. 272 Makes several changes to the restrictions on unsecured loans of less than $500 with a term of between 14 and 31 days, otherwise known as “payday” loans. Prohibits lenders from charging more than $15 for every $100 of principal for the first 30 days of the loan. After 30 days, the lender may charge no more than 3 percent per month of the outstanding loan balance, whether made by the original lender or any entity associated with the lender. Current law allows the lender to collect up to 75 percent of the initial loan amount in interest or fees. Repeals language that allows a lender to treat the renewal of a loan as a new loan. |
Montana | H.B. 646 Revises Deferred Deposit Lending Act. |
Nevada | A.B. 433 Passed Assembly 4/16/03 Authorizes a person to redeem a check presented pursuant to a deferred deposit transaction under certain circumstances; defines the term “check” to include certain electronic transfers; limits the number of fees a person may be charged pursuant to a deferred deposit transaction under certain circumstances; revises the disclosures that must be provided in an agreement for a deferred deposit; prohibits registrants and collection agencies from engaging in certain business practices; limits the applicability of certain remedies for unpaid checks. |
New Jersey | A.B. 1787 Allows licensed check cashers to make small unsecured emergency advance or “payday” consumer loans of up to $500 and regulates those loan transactions. Limits the fee rate chargeable by the licensee to 10 percent of the total amount of the customer’s personal check, and specifies that the deferment must be for not less than seven days and not more than 30 days. Prohibits more than one outstanding payday loan to a borrower; provides for a cooling off period between payday loans to a customer; limits the total annual transaction fees chargeable per customer; prohibits payday loans to customers whose sole means of support is Social Security or government benefits payments; and provides for the right to rescind a payday loan by the close of the next business day. |
New Mexico | H.B. 427 Provides for the regulation of payday loans. |
H.B. 526 Enacts reporting requirements for deferred deposit loans. |
|
H.B. 647 Enacts the Deferred Deposit Loan Act, regulates the terms of deferred deposit loans; provides for licensing of persons providing deferred deposit loans. |
|
S.B. 225 Enacts the Deferred Deposit Loan Act, requires licensure, records and reports; limits charges for loans. |
|
S.B. 433 Enacts reporting requirements for deferred deposit loans. |
|
New York | A.B. 3480 Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer’s personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer’s authorization to debit the consumer’s transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date. |
North Carolina | H.B. 1005 Authorizes and regulates deferred deposit loans by providing consumer protections and disclosures. |
H.B. 1213 Eligible for consideration in 2004 Regulates deferred deposit transactions and provides additional consumer disclosures and protections. |
|
Oregon | H.B. 3475 Requires lender of payday loans to conform to requirements for lenders of title loans. Authorizes the director of Department of Consumer and Business Services to adopt rules to regulate payday loans. Limits interest and fees charged on payday and title loans. |
S.B. 159 Passed Senate 4/18/03 Prohibits certain conduct by lender in business of making payday loans. Permits electronic repayment agreement. Allows complaint to be filed with and investigated by Department of Consumer and Business Services. Defines terms. |
|
S.B. 634 Requires lender of payday loans to conform to requirements on lenders of title loans. Authorizes Director of Department of Consumer and Business Services to adopt rules to regulate payday loans. Limits interest charged on payday and title loans. |
|
South Dakota | H.B. 1062 Prohibits renewing, rolling over, or flipping a deferred presentment service transaction more than one time. No renewal, rollover, or flip may be allowed unless the maker of the check pays the outstanding fee at the time of the renewal. |
Tennessee | H.B. 1276 S.B. 1172 Requires licensees of deferred presentment services to preserve books, accounts, and records for at least three years instead of two years. |
Texas | H.B. 3505 Creates a new system for deferred presentment loans, including increasing the maximum rate of interest for lenders operating in Texas. |
S.B. 1177 Relates to deferred presentment transactions. |
|
West Virginia | H.B. 2222 Prevents the taking of checks or similar instruments to guarantee loans or cash advances. |
H.B. 2756 Creates the Deferred Deposit Loan Act; provides for licensing of deferred deposit lenders; requires specific information regarding the location, records, and annual reports of licensees; prohibits certain types of advertising by licensees; requires transaction documentation and notice to consumers. |
|
H.C.R. 67 Request the Joint Committee on Government Finance to conduct a study on payday advances and lending. |
|
S.B. 124 Relates to use of checks, drafts or debit authorizations as security. |
|
S.B. 411 Authorizes deferred deposit loans; grants certain powers and duties to the commissioner of Banking; provides for license to make deferred deposit loans; requires certain records, reports and procedures; establishes advertising requirements; states requirements of written agreements between lenders and consumers; authorizes a maximum finance charge. |
Leave a Reply