HB531 Alabama 2015 Session

Summary

Primary Sponsor

Danny Garrett Representative

Republican

Session

Regular Session 2015

Title

Payday loans, transactions to be repaid over a three-month period, prohibit extensions, Secs. 5-18A-2, 5-18A-12, 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 allow a customer to repay a deferred presentment transaction over a three-month period.

This bill would prohibit the extension of a deferred presentment transaction.

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Subjects

Payday Loans