The proposed bill, General Assembly Proposed Bill No. 5501, aims to amend title 36a of the general statutes to mandate that providers of short-term installment loans, which do not charge interest if paid off within a specified timeframe, must obtain a license. This legislative change is intended to enhance regulation and oversight of such financial services, ensuring that consumers are protected and that providers adhere to established standards.

The bill does not specify any deletions from current law but focuses on the insertion of new licensing requirements for these short-term loan providers. By implementing this licensing requirement, the bill seeks to promote responsible lending practices and safeguard borrowers from potential predatory lending behaviors associated with unregulated short-term loans.