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2009 SESSION

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SB 1470 Payday lenders; prohibits any person licensed under Payday Loan Act from making open end loan.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Open-end loans by payday lenders. Prohibits licensed payday lenders from extending credit under open-end credit plans. Third parties are prohibited from making such loans at a payday lender's place of business. The prohibition does not apply to such loans if secured by a lien on a motor vehicle title. If a licensed payday lender relinquishes its license and then makes open-end loans, it may not be re-licensed to make payday loans for a period of 10 years. The measure is emergency legislation that will take effect upon passage. HB 1709 is identical.


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