Alabama

H.B. 178
Signed by governor 6/20/03, Chapter 359
Provides for the State Banking Department to license and regulate individuals engaged in deferred presentment check-cashing services. Provides for license fees, the suspension and revocation of licenses, and the surrender of licenses. Provides for limitation on the maximum fees charged for deferred presentment check-cashing services. Provides for the State Banking Department to promulgate rules and regulations to administer this bill, and provides for fines and penalties for violations.

Alaska

H.B. 159
Signed by governor 5/28/03, Chapter 27
Requires periodic examinations of licensees engaged in the business of making loans of money, credit, goods or things in action.

Hawaii

H.B. 595
Became law without governor's signature 7/2/03, Act 222
Extends the check deposit deferral period from 31 to 32 days. Raises limitation on check amount from $300 to $600.

Idaho

H.B. 206
Signed by governor 3/31/03, Chapter 182
Adds to existing law to require licensure for persons providing payday loan services; to set forth qualifications for licensure; provides for denial, suspension or revocation of a license; requires reporting and the maintenance of records; provides for examinations and investigations by the administrator; applies the Idaho Administrative Procedure Act; and sets forth payday loan procedures and business practices.

Illinois

H.B. 2543
Signed by governor 7/22/03, Public Act 93-0264
Provides that a licensee may lend a principal an amount not exceeding $40,000 (now $25,000).

Indiana

H.B. 1834
Signed by governor 5/8/03, Public Law 258
Changes the date as of which reference is made to federal laws and regulations. Reduces bond requirements for payday lenders. Defines "month" in the pawnbroker act to ensure consistent calculation of interest. Specifically provides for the right of credit unions to buy and sell assets. Provides for the release of information to state and federal supervisory agencies, federal law enforcement agencies, and federal prosecutorial agencies or offices. Authorizes the Department of Financial Institutions to remove officers, directors, and employees of financial institutions for certain practices, violations, and breaches. Allows the Department to make certain final orders public. Requires department approval for reductions in capital stock, capital surplus, and preferred stock levels. Modifies provisions concerning the establishment of trust offices. Prohibits the unauthorized use of: (1) the term banc or banco; and (2) the name of an existing bank or bank holding company or a name confusingly similar to the name of an existing bank or bank holding company. Treats savings associations and savings banks as though they are members of the Federal Reserve System even if they are not members. Requires approval of the department prior to establishing a subsidiary. Modifies the change of control statute. Broadens the ability of banks to invest in Federal Home Loan Bank stock while maintaining a ceiling on such investments. Makes technical corrections.

Louisiana

H.B. 1002
Signed by governor 7/14/03, Act 1283
Allows reasonable attorney fees and costs awarded by a court to be assessed on a deferred presentment transaction or small loan.

H.B. 1864
Signed by governor 7/14/03, Act 1272
Prohibits a person who offers deferred presentment transactions or small loans from selling any goods that are financed with the proceeds of the loan, or selling insurance, in connection with a deferred presentment transaction or small loan.

Mississippi

S.B. 2574
Signed by governor 3/7/03, Chapter 341
Authorizes check cashing licensees to defer the deposit of a personal check up to 30 days. Limits the amount of the check to $400 and the fee to not exceed 18 percent of the face amount of the check. Prohibits renewing or extending the deferred deposit transaction.

New Hampshire

S.B. 72
Signed by governor 7/23/03, Chapter 308
Defines and regulates title loans and payday loans.

Oklahoma

S.B. 583
Signed by governor 5/21/03
Creates the Deferred Deposit Lending Act; requires certain documentation of deferred deposit loans; specifies requirements for disclosure of credit terms; provides for payment of loan proceeds; prohibits additional fee; requires certain notices; requires posting of loan charges.

Oregon

S.B. 159
Signed by governor 6/19/03, Chapter 359
Prohibits certain conduct by lender in business of making payday loans. Permits electronic repayment agreement. Allows complaint to be filed with and investigated by Department of Consumer and Business Services. Defines terms.

Utah

H.B. 189
Signed by governor 3/19/03, Session Law Chapter 236
Modifies the Check Cashing Registration Act to enact provisions governing the extension of a deferred deposit loan through electronic means, and requires immediate payment to a person receiving a deferred deposit loan through electronic means. Modifies the Financial Institutions Code to enact the Title Lending Registration Act, imposes registration requirements, operational and disclosure requirements, and enforcement provisions for title loans.

S.B. 130
Signed by governor 3/15/03, Session Law Chapter 69
Modifies the Check Cashing Registration Act by requiring deferred deposit lenders to allow borrowers to make partial payments or to rescind the loan by the next business day, applying certain provisions to deferred deposit loans extended through the Internet, and requires additional disclosures. Prohibits a deferred deposit lender from threatening to use or using the criminal process to collect a loan, and requires the Department of Financial Institutions to examine every check casher at least once every year.

Virginia

H.B. 1769
Signed by governor 3/18/03, Chapter 593
Requires a payday lender to include in any advertising materials that include the amount of any payment, or amount of any finance charge, a statement of the fees and charges, expressed as an annual percentage rate, on such loans. The statements shall use as an example a $300 loan payable in 14 days. The disclosure statements shall be conspicuous. The measure also makes several technical amendments regarding persons required to be licensed under the Payday Loan Act.

Washington

S.B. 5452
Signed by governor 3/23/03, Chapter 86
Provides for the regulation of check cashers and sellers. Repeals RCW 31.45.170.