SB 1087
Modifies provisions governing traditional installment loan lenders
LR Number:
Last Action:
5/1/2020 - Second Read and Referred S Insurance and Banking Committee
Journal Page:
Calendar Position:
Effective Date:
August 28, 2020

Current Bill Summary

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).



No Amendments Found.