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Senate Advances Payday‑Lending Reforms Tightening Rollovers and Requiring One No‑Fee Payoff Plan
Summary
The Senate moved House Bill 15 to third reading. The bill reduces allowable rollovers from 12 to 10 weeks, requires lenders to offer one payoff plan per year per lender with no additional charges and restricts workplace contact by collection agents; supporters said it was a negotiated compromise with industry.
Senator Maine, carrying House Bill 15, described the bill as a compromise measure affecting deferred‑deposit (payday) lending. Maine said the bill shortens the permissible rollover window from 12 to 10 weeks and requires that if a borrower cannot pay, the lender must provide a payoff plan once per year per lender with at least 60 days and four payments without…
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