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Panel raises payday loan cap, adds CPI indexing and blocks negative credit reporting for small loans
3213350 · May 6, 2025
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Summary
Committee approved Representative Lacombe’s bill to raise the statutory cap on deferred‑presentment/small loans from $350 to $700 and to index the limit to the CPI; an amendment also prohibits negative reporting of these loans to credit bureaus and the bill was reported favorably.
Representative Sam Lacombe presented House Bill 582 as an inflation adjustment for small deferred‑presentment and payday‑style loans. The bill raises the statutory maximum loan amount from $350 to $700 and adds a Consumer Price Index (CPI‑U) adjustment mechanism to reduce the need for frequent…
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