2004 Senate Bill 37

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• Introduced by Sen. Ron Allen on January 19, 2004, This bill modifies the Check Cashing Registration Act to address provisions related to deferred deposit loans. This bill defines terms; requires disclosure of annual percentage rate in advertisements; requires disclosure of interest and fee schedule in the written contract; establishes a cap on interest and fees; limits the number of loans a check casher may extend at any one time to one person; limits the amount of a deferred deposit loan based on the borrower's monthly gross income; prohibits certain provisions or waivers being a condition for extending a deferred deposit loan; provides for civil action..
• Referred to the House on February 10, 2004, This bill modifies the Check Cashing Registration Act to address provisions related to deferred deposit loans..

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Introduced by Sen. Ron Allen on January 19, 2004. New Comment