Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate advances payday‑lending reporting, imposes 24‑hour cooling‑off rule
Summary
Senate Bill 83 requires deferred‑deposit (payday) lenders to report four summary data points annually to the Commissioner of Financial Institutions and adds a 24‑hour cooling‑off period to prevent an immediate follow‑on loan; sponsors said the bill balances consumer protection and reasonable reporting requirements.
Senate Bill 83, described as the Check Cashing and Deferred Deposit Lending Registration Act, passed the Senate after floor debate about the scope of required reporting and whether the fiscal impact of collection had been assessed.
Senator Maine, the sponsor, said the bill narrows reporting to four items: the average loan amount the lender extends,…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
