Regards precomputed consumer installment loans

HB 182 updates the rules governing precomputed consumer installment loans to clarify how interest is calculated and what fees lenders may charge. The bill restricts lenders from charging excessive origination fees, accepting dated instruments as security, or refinancing loans within the first 120 days. It also establishes specific guidelines for interest computation, prohibiting compounding and requiring refunds for unearned interest if a borrower pays off the loan early. Additionally, the legislation allows for written agreements to defer payments and outlines how deferment charges should be applied. These changes aim to provide clearer standards for both lenders and borrowers regarding loan terms and repayment processes.