Introduced
by
To require the provider of a "deferred deposit loan" (or “payday loan”) 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, to be licensed by the state, post a bond, display a warning on written loan agreements that the loan is not intended to meet long-term need and should be used only for short-term cash needs, and more. The bill would also prohibit the lender from using any criminal process to collect the loan.
Referred to the Committee on Banking and Financial Institutions
