SB335 Alabama 2015 Session

Sponsors

Session

Regular Session 2015

Title

Payday loans, transactions to be repayed over a six-month period, prohibit extensions, Secs. 5-18A-2, 5-18A-12, 5-18A-13 am'd.

Description

<p class="bill_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</p><p class="bill_description"> This bill would allow a customer to repay a deferred presentment transaction over a six-month period</p><p class="bill_description"> This bill would prohibit the extension of a deferred presentment transaction</p><p class="bill_entitled_an_act"> To amend Sections 5-18A-2, 5-18A-12, and 5-18A-13 of the Code of Alabama 1975, relating to deferred presentment transactions; to allow a customer to repay a deferred presentment transaction over a six-month period; to prohibit the extension of a deferred presentment transaction; to decrease the extended repayment option from four months to three months; to allow licensees to collect a bad check fee for each bad check presented; to require each licensee to report within a specified time certain information to the supervisor and require the supervisor to publish the aggregated data to the public. </p>

Subjects

Payday Loans