SHORT-TERM LOAN ACT

Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36%, that is secured by a post-dated check or motor vehicle title, and that is made by a lender that does not accept insured deposits. Requires lenders to disclose a toll-free telephone number for the Department of Financial Institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle's "blue book" value. Requires lenders to provide debt management counseling information to defaulting borrowers. Effective immediately.