SB 811 - This act amends the law relating to unsecured loans of $500 or less. Under current law, lenders may renew such loans upon the borrower's request. This act prohibits lenders from renewing such loans. Lenders shall not make loans to consumers who have one outstanding or within 1 week of a borrower paying a previous loan. Under current law, the director of the Division of Finance may issue a cease and desist order when lenders fail to make a good faith effort to comply with laws relating to consumer loans. This act allows the attorney general to do the same. The Attorney General may also file an action in any circuit court to enjoin the practice; impose a civil penalty; or to obtain an order of rescission, restitution, or disgorgement. Under current law, loans have a minimum term of 14 days and a maximum term of 31 days. Under the act, lenders shall give the borrower a minimum of 90 for repayment and a payment shall be required every 2 weeks. A lender may only charge interest at a simple annual rate not to exceed 36% plus an initial fee equal to 5% of the loan amount up to $25. No other charges or fees are permitted. 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), SB 593 (2010), and SB 699 (2010). CHRIS HOGERTY