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2006 SESSION
HB 912 Payday loans; requires SCC to contract w/third party to establish database through Internet.
Introduced by: G. Glenn Oder | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Payday loan act. 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 (i) increases the minimum length of a payday loan from seven to 15 days; (ii) prohibits a payday lender from making a payday loan to a borrower if the borrower has another payday loan outstanding or within 48 hours following the borrower's payment of another payday loan; (iii) making a payday loan to a borrower if the proceeds of the payday loan will be used in whole or in part to repay an outstanding payday loan; (iv) prohibits a lender from instituting collection proceedings against a borrower until 60 days after the date of default; (v) prohibits a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (vi) requires a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with the provisions of the Fair Debt Collection Practices Act that apply to debt collectors; (vii) increases the maximum fine or penalty for a violation from $1,000 to $2,500; and (viii) provides that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower.
FULL TEXT
- 01/10/06 House: Prefiled and ordered printed; offered 01/11/06 062629428 pdf | impact statement
- 02/11/06 House: Committee substitute printed 062764444-H1 pdf | impact statement
HISTORY
- 01/10/06 House: Prefiled and ordered printed; offered 01/11/06 062629428
- 01/10/06 House: Referred to Committee on Commerce and Labor
- 01/18/06 House: Assigned to Commerce and Labor sub-committee: Financial Institutions (Dudley)
- 02/10/06 House: Reported from Commerce and Labor with substitute (21-Y 1-N)
- 02/11/06 House: Committee substitute printed 062764444-H1
- 02/11/06 House: Read first time
- 02/13/06 House: Read second time
- 02/13/06 House: Committee substitute agreed to 062764444-H1
- 02/13/06 House: Stricken from House calendar