SB 791 - This act creates the Small Loan Community Reinvestment Program to distribute grants to non-profits dedicated to community reinvestment in educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services. The grants shall be used in geographic areas containing the highest concentration of payday and title loan lenders in the state as determined by the division of finance. The grants shall consist of moneys collected as a $1 surcharge on every payday and title loan which shall be deposited in the newly created Small Loan Community Reinvestment Fund. The director of the division of finance shall administer the program. The act also makes modifications to the law regulating payday lenders. Currently, such lenders may renew payday loans 6 times. This act bars renewals. Currently, lenders may charge simple interest and fees up to 75% of the initial loan amount. This act does not allow lenders to charge interest. Only fees may be charged. Lenders shall not make more than one loan to a borrower at a time and shall wait one business day before making another loan to a borrower who has just paid a previous loan. Currently, payday loans have a minimum term of 14 days and a maximum term of 31 days. This act repeals that provision and allows the borrower to choose a loan with a 30, 60 or 90 day duration. Loan renewals are no longer allowed. Borrowers are required to make two installment payments within each 30 day period. Fees shall be prorated and paid back to the borrower when the borrower prepays the loan and all fees shall be returned to the borrower when the borrower repays the loan at the end of the lender's next full business day. This act is similar to HB 1171 (2006), SB 975 (2006), SB 96 (2007),SB 744 (2008),HB 81 (2009), HB 150 (2009), SB 20 (2009), HB 1508 (2010), HB 2116 (2010), SB 593 (2010), SB 699 (2010), SB 811 (2010), HB 656 (2011), SB 295 (2011), SB 462 (2012), and SB 476 (2012). CHRIS HOGERTY