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Committee moves version of Consumer Alternative Installment Act with reporting and credit protections
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Summary
Lawmakers advanced HB 513, which would create a Consumer Alternative Installment framework with caps, precomputed loan definitions and commissioner authority; the committee adopted sponsor and procedural amendments and reported the bill favorably.
Representative Reiser presented House Bill 513, the Consumer Alternative Installment Act, to create a statutory framework for a certain class of consumer installment loans, set maximum loan values and define precomputed consumer loans. The sponsor brought a set of negotiated amendments clarifying definitions (CPI selection), delinquency charges and regulator powers.
Representative Jordan offered and the committee adopted a separate amendment that removed a specific statutory reference tied to credit union branch offices (three targeted changes) to ensure exempt institutions were not inadvertently swept in. Committee members asked about overlaps with existing payday/deferred‑presentment law; the sponsor said the bill is not designed to replace traditional chartered bank or credit‑union authority and amendments remove potential conflicts.
After amendments were adopted the committee voted to report the bill favorably to the full House.
Ending: HB 513 was reported favorably with amendments; sponsor said he will continue outreach to credit unions and consumer advocates to refine language before the floor vote.
