RELATING TO PAYDAY LENDING.
Summary
Transitions from lump sum deferred deposit transactions to installment-based small dollar loan transactions. Specifies various consumer protection requirements for small dollar loans. Beginning 1/1/2022, requires licensure for small dollar lenders that offer small dollar loans to consumers. Specifies licensing requirements for small dollar lenders. Authorizes the division of financial institutions to appoint 1.0 FTE examiner position, funded via the compliance resolution fund, to carry out the purposes of the small dollar installment loan program.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2021
Committee Review
Floor Vote
Governor
Introduced Jan 20, 2021
Last action Dec 10, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
1
Jan 27, 2021
Committee
Referred to CPC, FIN, referral sheet 1
lower
Jan 21, 2021
Introduced
Introduced and Pass First Reading.
lower
Jan 20, 2021
Introduced
Pending introduction.
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
RM
Roy M. Takumi
DDemocratic
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