POE-O'CONNOR-MEYER-WAIT-KOSEL, BASSI, BOST,
MYERS,RICHARD, RIGHTER AND RUTHERFORD.
SHORT TERM LOAN ACT
Synopsis of Bill as introduced:
Creates the Short-term Loan Act. Provides for the regulation of
entities that make payday loans and motor vehicle title loans.
Applies to loans having a term of fewer than 93 days. Provides that
loans may not exceed $1,000. Limits charges that may be imposed in
connection with the loans. Requires lenders to obtain a license from
the Director of Financial Institutions. Amends the Financial
Institutions Code to require the Director of Financial Institutions to
establish a complaint registry regarding licensees under the
Short-term Loan Act. Amends the Consumer Fraud and Deceptive Business
Practices Act to provide that 3 or more violations of the Short-term
Loan Act constitute a violation of the Consumer Fraud and Deceptive
Business Practices Act. Effective January 1, 2001.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status