Changes the laws regarding consumer credit interest rates

HB 3021 sets a 36% annual percentage rate (APR) limit on interest and fees for short-term consumer loans of $500 or less, directly affecting lenders offering these loans. It requires such lenders to obtain a $600 annual license, prominently display the maximum APR they charge, and provide clear borrower disclosures. The bill prohibits disguised loans (like leasebacks or rebates), mandates a 5% principal reduction on each renewal, and limits renewals to six times total. Lenders violating these rules face misdemeanor charges or license suspension, with strict requirements for loan terms (14-31 days) and recordkeeping.