The bill amends the Credit Reform Act of 1995 by updating definitions and clarifying the roles of various entities involved in credit transactions. Key changes include redefining "borrower" to refer to individuals who obtain credit from regulated lenders, and updating the term "commissioner" to "director of the department of insurance and financial services." The bill also specifies that "credit sale" is now subject to either the home improvement finance act or the motor vehicle sales finance act, and it clarifies the definition of "regulatory lender" to include various types of financial institutions and licensees under specific acts, while explicitly excluding those licensed to provide earned wage access services.

Additionally, the bill modifies the language surrounding "extension of credit," ensuring it does not include certain types of credit as defined by federal law. The amendments aim to modernize the language and structure of the law to better reflect current practices in the financial services industry. The enactment of this bill is contingent upon the passage of House Bill No. 5558.

Statutes affected:
House Introduced Bill: 445.1852