HB417 Alabama 2015 Session

In Committee

Bill Summary

Sponsors

Patricia Todd

Session

Regular Session 2015

Title

Deferred Presentment Services Act, amended to require licenses to use a database to ensure that a customer does not have any deferred presentment transaction over $500, Sec. 5-18A-13 am'd.

Description

Under existing law, deferred presentment transactions, commonly referred to as payday loans, are regulated by the State Banking Department pursuant to the Deferred Presentment Services Act.

This bill would require licensees to use a database designated by the supervisor to ensure that a customer does not have any deferred presentment transaction over $500.

To amend Section 5-18A-13 of the Code of Alabama 1975, relating to deferred presentment transactions; to require licensees to use a database designated by the supervisor; and require each licensee to report within a specified time certain information to the supervisor and the supervisor to publish the aggregated data to the public.

Subjects

Deferred Presentment Services

Bill Actions

Action Date	Chamber	Action
June 2, 2015	H	Indefinitely Postponed
April 8, 2015	H	Financial Services second Amendment Offered
April 8, 2015	H	Financial Services first Amendment Offered
April 8, 2015	H	Read for the second time and placed on the calendar 2 amendments
April 1, 2015	H	Read for the first time and referred to the House of Representatives committee on Financial Services

Bill Text

Download HB417 Alabama 2015 Session PDF

Bill Documents