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2004 SESSION

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HB 1156 Payday loans; use of Internet database for borrowers, restric. on loans made to spouses of military.

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

SUMMARY AS INTRODUCED:

Payday lending; creation of Internet database; specific power of attorney required for unemployed military spouses. Requires the State Corporation Commission on or before July 1, 2005, to implement a common database with real-time access through an Internet connection for payday lenders that would allow payday lenders to determine if a prospective borrower already has a loan outstanding or has closed a loan within the previous 24 hours. The Commission is authorized to charge a $1 fee per transaction. The bill prohibits a payday lender from entering into a payday loan (i) with a person who has an outstanding payday loan with that licensee or affiliate or with any other payday lender, or (ii) with a person whose previous payday loan has been terminated for less than 24 hours. The measure also requires a payday lender to maintain an internal common database and check the Commission's database to verify compliance with this prohibition, and prohibits a licensee from entering into a loan with a spouse of a member of the armed forces when the loan is secured against that member's pay unless a special power of attorney signed by the member of the armed forces is provided authorizing the loan.


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