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2006 SESSION

• | print version

HB 225 Payday loans; use of Internet database for borrowers, rollovers prohibited by lenders.

Introduced by: Dwight Clinton Jones | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Payday lending; rollovers; database.  Requires the State Corporation Commission on or before July 1, 2007, to contract with a third party to establish and administer a database with real-time access through an Internet connection to ensure compliance with the Payday Loan Act. The measure also prohibits payday lenders from entering into a payday loan with a person who has an outstanding payday loan with that licensee or affiliate or with any other payday lender, or with a person whose previous payday loan has been terminated for less than 30 days, and from extending or continuing a payday loan where the lender continues to hold the borrower's check or substitutes a new check.

FULL TEXT

• 01/03/06  House: Prefiled and ordered printed; offered 01/11/06 060956364  pdf | impact statement

HISTORY

• 01/03/06  House: Prefiled and ordered printed; offered 01/11/06 060956364
• 01/03/06  House: Referred to Committee on Commerce and Labor
• 01/18/06  House: Assigned to Commerce and Labor sub-committee: Financial Institutions (Dudley)
• 02/09/06  House: Incorporated by Commerce and Labor (HB912-Oder) by voice vote