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Payday Lending 2012 Legislation

Payday Lending 2012 Legislation

Last Updated: Jan. 18, 2013

NCSL Staff Contact: Heather Morton, (303) 364-7700, Denver

This page addresses state legislation regarding payday lending or deferred presentment, which features single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts, and loan products designed to be an alternative to payday lending.

Twenty-two states had pending legislation in the 2012 legislative session. Six states enacted legislation during the 2012 legislative session. Delaware set a limit of five loans per 12-month period. Louisiana requires the commissioner of the Office of Financial Institutions to collect and compile information and data from licensees concerning the operation, function, and customers of deferred presentment transactions and small loan businesses for a period of one year, beginning Jan. 1, 2013. Nebraska now provides that the director of Banking and Finance shall collect fees, charges, costs, and fines under the Delayed Deposit Services Licensing Act and remit them to the state treasurer. Oklahoma amended its provisions to make certain information confidential. Tennessee authorized the commissioner of Financial Institutions to require persons subject to Deferred Presentment Services Act to be licensed through a multi-state automated licensing system. Utah modified the Check Cashing and Deferred Deposit Lending Registration Act to address reporting requirements and the requirement to register and requires an interim committee to study whether to require local forums for settling payday loan disputes.

Related NCSL Web pages:

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STATE
BILL SUMMARY
Alabama

H.B. 680
This bill alters the Deferred Presentment Services Act. This bill provides further for the bad check fee; implements a common database; clarifies the roll-over of deferred presentment transactions; and provides further for violations.

S.B. 532
This bill alters the Deferred Presentment Services Act. This bill provides further for the bad check fee; implements a common database; clarifies the roll-over of deferred presentment transactions; and provides further for violations.

Alaska
none
Arizona
none
Arkansas
none
California

A.B. 986
Died pursuant to Art. IV, Sec. 10(c) of the Constitution 2/1/12
Existing law requires the Commissioner of Corporations to submit a report, on or before January 1, 2014, to the Senate Committee on Banking, Finance and Insurance and the Assembly Committee on Banking and Finance summarizing the utilization of the Pilot Program for Affordable Credit-Building Opportunities and including recommendations relative to the continuation of the program. This bill specifies that the report is required to be submitted to the Senate Committee on Banking and Financial Institutions and the Assembly Committee on Banking and Finance.

A.B. 1980
Existing law, the California Finance Lenders Law, provides for the licensure and regulation of finance lenders and brokers by the Department of Corporations. Existing law, the California Deferred Deposit Transaction Law, provides for the licensure and regulation of lenders who make deferred deposit transactions in an amount equal to or less than $300, as specified. A willful violation of these provisions is a crime. This bill requires those licensees to, on and after January 1, 2014, and until January 1, 2018, include a financial facts label with any deferred deposit transaction or an unsecured consumer loan in a principal amount that is equal to or less than $2,500, as specified. The bill further requires the financial facts label to be placed on specified advertising.

S.B. 365
Returned to secretary of Senate pursuant to Joint Rule 56 1/31/12
Existing law, the California Deferred Deposit Transaction Law, provides for the licensure and regulation by the commissioner of Corporations of persons engaged in the business of making or negotiating deferred deposit transactions, as defined. Existing law requires an agreement to enter into a deferred deposit transaction to be in writing and to include specified information and disclosures. Existing law provides that a licensee shall not enter into an agreement for a deferred deposit transaction with a customer during the period of time that an earlier written agreement for a deferred deposit transaction for the same customer is in effect. This bill declares the intent of the Legislature to enact legislation that would authorize the commissioner to contract with a qualified third-party provider for the implementation of a database to aid in the enforcement of the California Deferred Deposit Transaction Law. The bill also clarifies that a licensee shall not enter into an agreement for a deferred deposit transaction with a customer during the period of time that an earlier written agreement for a deferred deposit transaction for the same customer is in effect with any licensee.

Colorado
none
Connecticut
none
Delaware

H.B. 289
Signed by governor 6/27/12, Chapter 278
This bill limits to five the number of short-term consumer loans (sometimes called payday loans) that any one borrower may obtain in a 12-month period. It changes the definition of short-term consumer loan to include loans up to $1000 rather than $500. The bill also provides for establishment of a database to track the number of short-term consumer loans an individual has obtained in a 12-month period. Finally, the Banking commissioner is directed to provide a report on the prevalence and nature of these payday loans to the General Assembly.

District of Columbia
none
Florida
none
Georgia
none
Guam
not available
Hawaii
none
Idaho

H.B. 470
Amends existing law to provide for a maximum fee for a payday loan; and to provide for a maximum interest rate for a title loan; and to provide for disclosure of all fees and interest.

Illinois

H.B. 3935
Signed by governor 8/20/12, Public Act 97-1039
Amends the Payday Loan Reform Act. Provides that if any lender who is not licensed under the Act makes a loan pursuant to the Act to an Illinois consumer, then the loan shall be null and void and the lender who made the loan shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan.

H.B. 3938
Amends the Payday Loan Reform Act. Makes a technical change in a section concerning the short title.

H.B. 4678
Amends the Payday Loan Reform Act. Makes a technical change in a section concerning the short title.

H.B. 4848
Amends the Payday Loan Reform Act. Makes a technical change in a section concerning the short title.

H.B. 4849
Amends the Payday Loan Reform Act. Makes a technical change in a section concerning the short title.

H.B. 5022
Amends the Payday Loan Reform Act to provide that "official documentation of income" includes documentation of tax returns, government benefits, credit reports, and other documents in addition to pay stubs.

H.B. 5387
Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the secretary of Financial and Professional Regulation shall take no more than four hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the secretary may approve the conduct of other businesses in a licensee's place of business, unless the secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other state financial regulation laws.

H.B. 5455
Amends the Payday Loan Reform Act. Provides that a lender may not make a loan to a consumer if the total of all payday loan payments coming due within any month, rather than the first calendar month, during the term of the loan exceeds the lesser of $1,000 or specified percentages of the consumer's gross monthly income.

S.B. 3535
Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the secretary of Financial and Professional Regulation shall take no more than four hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the secretary may approve the conduct of other businesses in a licensee's place of business, unless the secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other state financial regulation laws.

Indiana
none
Iowa
none
Kansas
none
Kentucky

H.B. 332
Amends KRS 286.9-010 to define "annual percentage rate," "consideration," and "interest"; amends KRS 286.9-100 to delete the service fee of $15 per $100 loan and establish a maximum annual percentage rate of 36 percent; provides that making a deferred deposit transaction in violation of the maximum interest provisions is an unfair, false, misleading and deceptive practice in violation of the Consumer Protection Act and subject to its rights and remedies; prohibits a licensee from engaging in deceptive practices to evade the requirements of Subtitle 9 of KRS Chapter 286; amends KRS 286.9-102 to require a licensee to conspicuously display interest charges for services; creates a new section of Subtitle 9 of KRS Chapter 286 to provide that knowing violation of the maximum allowable interest rate provisions shall be deemed a forfeiture of the entire interest for the transaction and the person who paid the interest, or his or her legal representative, may recover twice the amount paid in any action against the lender if commenced within two years of the deferred deposit transaction.

Louisiana

H.B. 424
Provides for changes to interest rates on deferred presentments and small loans.

S.B. 326
Signed by governor 5/22/12, Act 234
This bill requires the commissioner of the Office of Financial Institutions, beginning January 1, 2013, for a period of one year, to collect and compile information and data from licensees concerning the operation, function, and customers of deferred presentment transactions and small loan businesses. The information and data collected by the commissioner from a licensee shall include but not be limited to the following: (a) The number of deferred presentment transactions and small loans issued quarterly. (b) The fees collected quarterly on deferred presentment transactions and small loans. (c) The location of the licensee's business. (d) The number of checks returned unpaid for any reason and the amount of the fee charged by the licensee for such checks.

Maine
none
Maryland
none
Massachusetts
none
Michigan
none
Minnesota

H.F. 1195
Indefinitely postponed 5/21/11
S.F. 1268
Passed Senate 5/20/11
Authorizes the imposition of certain fees and charges in connection with certain loan transactions.

Mississippi

H.B. 39
Died in committee 3/6/12
Amends §75-67-519 to prohibit check cashers from cashing a delayed deposit check for any person who has an outstanding delayed deposit check with another check casher that has not been repaid in full; directs the commissioner of Banking to provide for the development of a database in which check cashers must record each delayed deposit transaction in order to prevent violations of the maximum amount that may be outstanding; authorizes the commissioner to charge a fee to check cashers as necessary to maintain the database system; provides that the maximum amount that check cashers may charge for cashing a delayed deposit check shall not exceed an annual percentage rate of 36 percent per annum on the face amount of the check.

H.B. 309
Died in committee 3/6/12
Amends §75-67-313 and §75-67-413 to provide that the maximum amount that pawnbrokers and title pledge lenders may charge for their services shall not exceed an annual percentage rate of 25 percent per annum on the amount of the principal amount advanced in the transaction that remains unpaid; amends §75-67-519 to provide that the maximum amount that check cashers may charge for cashing a delayed deposit check shall not exceed an annual percentage rate of 25 percent per annum on the face amount of the check.

S.B. 2900
Died in committee 3/6/12
Declares legislative intent to prohibit activities commonly referred to as payday lending, deferred presentment services, advance cash services and other similar activities; provides that it shall be unlawful to engage in the business of making certain small loans; provides criminal penalties therefor; provides for collection of civil penalties in actions by the state or by private parties on behalf of the state; declares the site or location of a place of business where payday lending takes place in the state of Mississippi as a public nuisance; repeals §§75-67-401 through 75-67-449, which create the Mississippi Title Pledge Act; repeals §§75-67-501 through 75-67-539, which create the Mississippi Check Cashers Act.

Missouri

H.B. 1294
This bill changes the laws regarding consumer credit interest rates. In its main provisions, the bill: (1) Requires any person making or offering a consumer credit loan to contract for and receive interest and fees in accordance with §§408.100, 408.140, and 408.170, RSMo, relating to small loans (§367.105); (2) Specifies that it is the intention of the people of Missouri to prevent lenders of payday loans, car title loans, and installment loans from charging excessive fees and interest rates that can lead families into a cycle of debt by: (a) Reducing the annual percentage rate for payday, title, installment, and other high-cost consumer credit and small loans from triple-digit interest rates to 36 percent per year; (b) Extending to veterans and others the same 36 percent rate limit in place for payday and title loans to active military families as enacted by the 109th United States Congress in 10 U.S.C. §987; and (c) Preserving fair lending by prohibiting lenders from structuring other transactions to avoid the rate limit through subterfuge (§408.100); (3) Prohibits any lender of small loans, subject to §408.100, from charging interest, fees, and finance charges at an annual percentage rate greater than 36 percent (§408.100); and (4) Prohibits a person from engaging in any device or subterfuge intended to evade the requirements of Chapter 408, relating to legal tender and interest, through any method including, but not limited to, mail, telephone, Internet, or any electronic means (§408.100). The bill contains a referendum clause and will be submitted to qualified voters in November 2012.

H.B. 1393
This bill changes the laws regarding unsecured loans of $500 or less, commonly known as payday loans. In its main provisions, the bill: (1) Allows a lender to renew a loan once, instead of the current six times; (2) Prohibits a borrower from having more than $500 in outstanding loans at one time; (3) Prohibits a lender from making a loan to a borrower who has one outstanding loan or until the next business day after the borrower has paid or otherwise satisfied in full a previous payday loan; (4) Requires a lender to disclose to a borrower at the time of signing a loan the duration of the loan, amount and date of payments due, and amount of interest and fees to be charged through the duration of the loan; (5) Specifies that the lender's sole and exclusive remedy against a borrower who delivers a check that is not honored in relation to the loan will be a breach of contract claim and that a lender is barred from bringing a civil action for passing a bad check; and (6) Requires the Division of Finance within the Department of Insurance, Financial Institutions and Professional Registration to develop and administer a real-time statewide compliance system for licensed payday lenders to record each payday loan transaction.

H.B. 1828
This bill changes the laws regarding unsecured loans of $500 or less, commonly known as payday loans, by changing the font size of the required notice a licensed lender has to provide the borrower from at least 10-point bold type to at least 14-point bold.

S.B. 462
This act amends the law relating to unsecured loans of $500 or less. Under current law, lenders may renew such loans upon the borrower's request. This act prohibits lenders from renewing such loans more than once. Lenders shall not make loans to consumers who have one outstanding or within 1 day of a borrower paying a previous loan. Lenders shall make certain disclosures to consumers at loan signing, including the duration of the loan, amount and date of payments due, and amount of interest and fees to be charged through the duration of the loan. Under current law, loans have a minimum term of 14 days and a maximum term of 31 days. Under the act, lenders shall give the borrower a minimum of 90 days for repayment and a payment shall be required every 15 days. The lender's exclusive remedy against consumers who deliver checks that are not honored in relation to the loan shall be a breach of contract claim and lenders shall be barred from bringing a civil action for passing bad checks.

S.B. 476
This act amends the law relating to unsecured loans of $500 or less. Under current law, lenders may renew such loans upon the borrower's request. This act prohibits lenders from renewing such loans more than once. Lenders shall not make loans to consumers who have one outstanding or within one day of a borrower paying a previous loan. Lenders shall make certain disclosures to consumers at loan signing, including the duration of the loan, amount and date of payments due, and amount of interest and fees to be charged through the duration of the loan. Under current law, loans have a minimum term of 14 days and a maximum term of 31 days. Under the act, lenders shall give the borrower a minimum of 90 days for repayment and a payment shall be required every 15 days. The lender's exclusive remedy against consumers who deliver checks that are not honored in relation to the loan shall be a breach of contract claim and lenders shall be barred from bringing a civil action for passing bad checks. The Division of Finance is required to develop and administer a real-time statewide compliance system for payday lenders to record each payday loan transaction.

S.B. 791
This act creates the Small Loan Community Reinvestment Program to distribute grants to non-profits dedicated to community reinvestment in educational tutoring and development, financial literacy, early childhood development, youth mentoring, and senior services. The grants shall be used in geographic areas containing the highest concentration of payday and title loan lenders in the state as determined by the division of finance. The grants shall consist of moneys collected as a $1 surcharge on every payday and title loan which shall be deposited in the newly created Small Loan Community Reinvestment Fund. The director of the division of finance shall administer the program. The act also makes modifications to the law regulating payday lenders. Currently, such lenders may renew payday loans 6 times. This act bars renewals. Currently, lenders may charge simple interest and fees up to 75 percent of the initial loan amount. This act does not allow lenders to charge interest. Only fees may be charged. Lenders shall not make more than one loan to a borrower at a time and shall wait one business day before making another loan to a borrower who has just paid a previous loan. Currently, payday loans have a minimum term of 14 days and a maximum term of 31 days. This act repeals that provision and allows the borrower to choose a loan with a 30, 60 or 90 day duration. Loan renewals are no longer allowed. Borrowers are required to make two installment payments within each 30 day period. Fees shall be prorated and paid back to the borrower when the borrower prepays the loan and all fees shall be returned to the borrower when the borrower repays the loan at the end of the lender's next full business day.

Montana
No Regular 2012 Session
Nebraska

L.B. 269
Signed by governor 3/7/12
Relates to the Delayed Deposit Services Licensing Act; changes provisions relating to fees and the distribution of fees; provides powers and duties for the Director of Banking and Finance; provides that the director shall collect fees, charges, costs, and fines under the Delayed Deposit Services Licensing Act and remit them to the State Treasurer; creates the Financial Literacy Cash Fund to assist nonprofit entities that offer financial literacy programs to students in kindergarten through 12th grade.

L.B. 553
Indefinitely postponed 4/18/12
Relates to the Delayed Deposit Services Licensing Act; amends §§45-901, 45-906, 45-915, 45-919, 45-921, 45-925, and 45-927, Reissue Revised Statutes of Nebraska; states intent; prohibits certain acts; provides fees; provides penalties; creates a database; provides powers and duties for the director of Banking and Finance; changes provisions relating to fines; harmonizes provisions; and repeal the original sections.

Nevada
No Regular 2012 Session
New Hampshire

S.B. 186
Removes the exemption from the consumer protection act for trade or commerce under the jurisdiction of the bank commissioner, the director of securities regulation, the insurance commissioner, the public utilities commission, the financial and insurance regulators from other states, and federal banking or securities regulators with authority to regulate unfair or deceptive trade practices in regulating small loans, title loans and payday loans. Permits the banking department to investigate unfair or deceptive banking practices in conjunction with the attorney general. Removes the exclusive authority of the securities division to investigate unfair or deceptive trade practices under the jurisdiction of the director of securities regulation.

New Jersey
none
New Mexico

S.B. 143
Relates to financial institutions; changes elements of annual reports filed by certain licensees; requires confidentiality of certain information.

S.B. 233
Relates to lending; amends the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act of 1955; adds and amends certain definitions; imposes a cap on interest rates and fees for certain loans; amends payday loan disclosure requirements; repeals a section of the New Mexico Small Loan Act of 1955.

New York

A.B. 3288
Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.

North Carolina
none
North Dakota
No Regular 2012 Session
Ohio
none
Oklahoma

S.B. 1082
Signed by governor 4/23/12, Chapter 117
Relates to the Deferred Deposit Lending Act; makes certain information confidential; prohibits certain disclosures of information; exempts certain access to confidential information for certain purposes.

S.B. 1261
Relates to the Deferred Deposit Lending Act; relates to licenses; modifies references.

Oregon
none
Pennsylvania

H.B. 2191
Passed House 6/6/12
Provides for short-term loan protection; and, in Title 18, further provides for deceptive or fraudulent business practices and provides for unlicensed short-term lending.

Puerto Rico
none
Rhode Island

H.B. 7257
This act repeals sections of the general laws allowing deferred deposit providers, also known as "payday lenders."

H.B. 7588
This act reduces the amount a check cashing business can charge for deferred deposit transaction fees from 10 percent to five percent of the funds advanced.

H.B. 7689
This act requires the Department of Business Regulation to develop and administer a statewide compliance system for deferred deposit lenders.

S.B. 2307
This act repeals sections of the general laws allowing deferred deposit providers, also known as "payday lenders."

S.B. 2602
This act requires the Department of Business Regulation to develop and administer a statewide compliance system for deferred deposit lenders.

S.B. 2832
This act provides for separate licensing requirements for check cashers and pay day lenders. This act also creates the pay day lending law in order to subject pay day lenders to various consumer protecting provisions.

South Carolina
none
South Dakota
none
Tennessee

H.B. 2353
Substituted 3/19/12
S.B. 2215
Signed by governor 4/4/12, Public Chapter 679
Revises various provisions governing deferred presentment services, including provisions regarding qualifications for licensure; authorizes commissioner of Financial Institutions to require persons subject to Deferred Presentment Services Act to be licensed through a multi-state automated licensing system.

H.B. 2726
Withdrawn from further consideration 1/19/12
Increases the shareholder ownership requirement from five percent to 10 percent to obtain a deferred presentment license; establishes a multi-state automated licensing system for deferred presentment services; authorizes the commissioner to set fees and deadlines for applications; promulgates rules and regulations; and implements sharing agreements between government agencies to use the multi-state automated licensing system.

H.B. 2841
S.B. 2713
Revises various provisions governing deferred presentment services, including provisions regarding qualifications for licensure; authorizes commissioner of financial institutions to require persons subject to Deferred Presentment Services Act to be licensed through a multi-state automated licensing system.

H.B. 3187
S.B. 2995
Increases from $500 to $1,000 the license fee for any person engaging in the business of deferred presentment services in this state.

H.B. 3188
S.B. 2994
Increases from $1,000 to $2,000 the amount of civil penalty that the commissioner of financial institutions may assess for each transaction in violation, or each day that a violation occurs, of the Deferred Presentment Services Act.

H.B. 3189
S.B. 2993
Requires persons licensed under the Deferred Presentment Services Act to file annual reports of certain information with the commissioner of Financial Institutions by October 1 of each year instead of September 1.

Texas
No Regular 2012 Session
Utah

H.B. 66
Enacting clause struck 3/8/12
This bill modifies the Check Cashing and Deferred Deposit Lending Registration Act to address reporting, registration related to deferred deposit loans, and implementation of a statewide technology system. This bill: modifies definition provisions; addresses reporting requirements for deferred deposit lenders; makes void a deferred deposit loan issued by a person required to be registered but who is not registered under the chapter; requires the implementation of a statewide technology system; addresses various requirements related to the operation of the statewide technology system; grants rulemaking authority; and makes technical and conforming amendments.

H.B. 205
Enacting clause struck 3/8/12
This bill amends the Check Cashing and Deferred Deposit Lending Registration Act to require additional reporting by deferred deposit lenders. This bill: defines terms; requires a deferred deposit lender to report additional information as part of its annual operation statement; and makes technical and conforming amendments.

H.B. 459
Signed by governor 3/22/12, Chapter 323
This bill modifies the Check Cashing and Deferred Deposit Lending Registration Act to address reporting requirements and the requirement to register. This bill: defines terms; modifies what a deferred deposit lender is required to report as part of its operations statement; makes void a deferred deposit loan issued by a person required to be registered but who is not registered under the chapter; requires the department to report certain information regarding complaints; and makes technical and conforming amendments.

H.B. 466
Enacting clause struck 3/8/12
This bill modifies the Check Cashing and Deferred Deposit Lending Registration Act to address forum requirements. This bill: prohibits a deferred deposit lender from imposing certain forum requirements; and makes technical amendments.

S.B. 110
Enacting clause struck 3/8/12
This bill modifies the Check Cashing and Deferred Deposit Lending Registration Act to address forum requirements. This bill: prohibits a deferred deposit lender from imposing certain forum requirements; and makes technical amendments.

S.J.R. 3
Adopted 3/8/12
This joint resolution of the Legislature gives the Legislative Management Committee items of study it may assign to the appropriate interim committee, including whether to require local forums for settling payday loan disputes.

Vermont

H.B. 481
Requires the attorney general to conduct a study of payday lending in Vermont.

Virginia

H.B. 725
Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at 36 percent per year.

S.B. 28
Passed by indefinitely 2/6/12
Removes provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.

S.B. 186
Incorporated into S.B. 28 2/6/12
Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.

Washington
none
West Virginia
none
Wisconsin

A.B. 150
Failed to pass pursuant to Senate Joint Resolution 1 3/23/12
This bill limits the interest rate that a payday loan licensee may charge, before the maturity date, on a payday loan to an annual percentage rate of 36 percent. A payday loan on which a greater rate of interest is charged is not enforceable.

S.B. 99
Failed to pass pursuant to Senate Joint Resolution 1 3/23/12
This bill limits the interest rate that a payday loan licensee may charge, before the maturity date, on a payday loan to an annual percentage rate of 36 percent. A payday loan on which a greater rate of interest is charged is not enforceable.

Wyoming
none

 

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