SB 456
Modifies provisions governing traditional installment loan lenders
Sponsor:
LR Number:
1891S.01I
Committee:
Last Action:
2/1/2021 - S First Read
Journal Page:
Title:
Calendar Position:
56
Effective Date:
August 28, 2021

Current Bill Summary

SB 456 - This act repeals various provisions relating to traditional installment loan lenders. Specifically, the act repeals a requirement that any fee charged to any traditional installment loan lender, which is not charged to all lenders licensed or regulated by the Division of Finance, must be a disincentive in violation of the provisions of law governing traditional installment loan lending.

Additionally, a provision is repealed allowing traditional installment loan lenders to charge, in addition to any other contractual fees, a convenience fee or surcharge for payments made by a debit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. Moreover, a provision is repealed requiring that any traditional installment loan lender who prevails against a political subdivision in an action shall receive its actually incurred costs,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.

SCOTT SVAGERA

Amendments

No Amendments Found.