Beginning 7/1/2023: provides for new viable installment-based small dollar loan transactions; specifies various consumer protection requirements for small dollar loans; requires licensure for small dollar lenders, subject to the oversight of the division of financial institutions of the department of commerce and consumer affairs; specifies licensing requirements for small dollar lenders; and caps the maximum allowable loan size at $1,500. Amends requirements for check cashers, including requiring check cashers to be licensed with the department of commerce and consumer affairs, to offer voluntary payment plans to consumers, and make various notice and disclosure requirements. Requires the division of financial institutions to conduct an analysis of the regulation of payday lenders and deferred deposit agreements and report to the legislature. Effective 7/1/2050. (HD1)

Statutes affected:
SB974: 478-4, 478-5, 478-6, 480F-1, 480F-4, 846-2.7
SB974 HD1: 478-4, 478-5, 478-6, 846-2.7, 480F-1, 480F-2, 480F-3, 480F-4, 480F-5
SB974 SD1: 478-4, 478-5, 478-6, 480F-1, 480F-3, 480F-4, 846-2.7
SB974 SD2: 478-4, 478-5, 478-6, 480F-3, 480F-4, 846-2.7