HB296 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

Title

Deferred Presentment Services Act repealed, short-term cash advance loans, prohibited, Secs. 5-18A-1 to 5-18A-22, inclusive, repealed

Description

<p class="bill_description"> Under existing law, short-term cash advance loans, also known as "pay day" loans, are governed under the Deferred Presentment Services Act</p><p class="bill_description"> This bill would repeal the Deferred Presentment Services Act</p><p class="bill_description"> This bill would also prohibit short-term cash advance lending and provide for a civil penalty for short-term cash advance lending</p><p class="bill_entitled_an_act"> Relating to short-term cash advance loans; to repeal Chapter 18A, Title 5 of the Code of Alabama 1975, known as the Deferred Presentment Services Act, which governs short-term cash advance loans; and to prohibit short-term cash advance lending and provide for a civil penalty for violations. </p>

Subjects

Payday Loans