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SB 1087 - This act requires any fee charged to any traditional installment loan lender, which is not charged to all lenders licensed or regulated by the Division of Finance, to be a disincentive in violation of the provisions of law governing traditional installment loan lending. The act additionally allows traditional installment loan lenders to charge, in addition to any other contractual fees, a convenience fee or surcharge for payments made by a debit or credit card. Furthermore, any traditional installment loan lender who prevails against a political subdivision in an action shall receive its actually incurred costs, including attorney fees, from such political subdivision. This act is substantially similar to a provision in the truly agreed to HCS/SB 599 (2020) and HB 2730 (2020). SCOTT SVAGERA
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