Introduced
by
To require licensure of providers of "deferred deposit loans" in which for a fee the lender accepts a post-dated check, or agrees to hold a check for a period of days prior to deposit. The bill would require that providers furnish a $50,000 surety bond, pay fees to be determined by the Office of Financial and Insurance Services, and would impose certain rules of conduct and disclosure requirements. The bill would limit the maximum loan amount to $500 to be repaid within 30 days, and limit service fees to an amount that would equate to a 50-percent annual interest rate on the amount paid by the deferred deposit lender.
Referred to the Committee on Commerce
