SB 974
Modifies provisions governing traditional installment loan lenders
Sponsor:
LR Number:
4510S.01I
Last Action:
2/24/2022 - Second Read and Referred S Insurance and Banking Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2022

Current Bill Summary

SB 974 - 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Additionally, a provision is repealed allowing traditional installment loan lenders to charge, in addition to any other contractual fees, a convenience fee or surcharge for payments made by a debit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 Moreover, a provision is repealed requiring that any traditional installment loan lender who prevails against a political subdivision in an action shall receive its actually incurred costs,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.

This act is identical to SB 456 (2021).

SCOTT SVAGERA

Amendments

No Amendments Found.