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2001 SESSION

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HB 1515 Financial institutions; deferred presentment services.

Introduced by: Harvey B. Morgan | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Financial institutions; deferred presentment services. Establishes the requirements for operation in the business of deferred presentment services, or payday lending. “Deferred presentment services” is defined as a transaction pursuant to a written agreement between a licensee and the maker of a check whereby the licensee: (i) accepts a check from the maker dated on the date it was written; (ii) agrees to hold the check for a period of time prior to negotiation or presentment; and (iii) pays to the maker of the check the amount of the check, less the permitted fee. Anyone engaging in the business of deferred presentment services must be licensed with the State Corporation Commission by applying for license, paying a $1,000 license fee, and posting a $10,000 bond. The SCC is authorized to investigate the affairs, business premises and records of deferred presentment services licensees and promulgate regulations to enforce this chapter. Violators of the bill's provisions are subject to both civil and criminal penalties.


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