Bill Title: Amends and adds to existing law to provide that a payday lender shall not make more than two electronic representations of a borrower's check; to provide that a payday loan shall not exceed 25% of a borrower's gross monthly income; to provide that a lender shall obtain information on a borrower's gross monthly income; to provide for extended payment plans and the provisions for extended payment plans; and to provide for written disclosures to a borrower before funds are disbursed.

Spectrum: Committee Bill

Status: (Passed) 2014-03-26 - Signed by Governor on 03/26/14 Session Law Chapter 270 Effective: 07/01/2014 [S1314 Detail]

Text: Latest bill text (Introduced) [PDF]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senate Commerce and Human Resources Committee Committee	Primary	Sponsored Bills	N/A	N/A	N/A	N/A

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