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House approves changes to payday-lending practice; bill requires credit checks, reporting and a no-interest repayment option
Summary
Second substitute HB292, sponsored by Representative Daw, passed the House after sponsors said the payday-lending industry offered concessions including mandatory database checks for first-time borrowers, lender reporting to subprime agencies, a court-notice option for interest-free long-term repayment, and reporting of court filings; the bill passed on the floor and will go to the Senate.
Representative Daw presented second substitute House Bill 292, describing negotiated concessions from the payday-lending industry intended to reduce historic consumer harms and court filings. The substitute requires lenders to use one of several screening methods for first-time borrowers (including a commercial subprime credit check), mandates reporting of lending activity to a…
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