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Committee holds measure to license small private lenders after survivor testimony
Summary
Senate Bill 83, which would remove a licensing exemption for lenders that originate fewer than six loans in 12 months, received emotional testimony from a borrower alleging predatory practices; the committee voted to hold the bill for further review.
Senate Bill 83, which would remove a licensing exemption for lenders that originate fewer than six loans in 12 consecutive months, was the subject of testimony March 25 and was held by the Senate Commerce Committee after supporters described predatory practices by unlicensed private lenders.
Sponsor Senator Repetakis explained the bill’s aim: to require licensing of private lenders who currently fall below an…
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