SB 866 - This act defines the term "traditional installment loan" as fixed rate, fully amortized, closed-end extensions of direct consumer loans.

The act preempts certain local government actions that would affect lenders who only make such loans who operate under a consumer installment loan license such as charging interests and fees allowable under current state law, creating disincentives for doing so, and operating in any location where any other commercial activity is permitted.


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