2002 House Bill 5641 ↩

Senate Roll Call 1051: Failed

To require registration, but not licensure of “payday lenders,” require that they furnish a $50,000 surety bond and pay fees to be determined by the Office of Financial and Insurance Services, and impose certain rules of conduct and disclosure requirements. The bill would limit the maximum loan amount to $1000 to be repaid within 30 days, and prohibit interest, but permit a maximum processing fee of 18 percent of the loan, plus a fee for cashing the customer’s pay.