The bill amends the Regulatory Loan Act of 1939 by updating Section 20 to clarify the scope of the act's applicability. Specifically, it states that the act does not apply to certain entities, including those operating under laws related to banks, savings banks, industrial banks, trust companies, building and loan associations, or credit unions. Additionally, it specifies that businesses transacted under a pawnbroker's license and those operating under the earned wage access services act are also exempt from the provisions of this act.

The bill also includes a provision that indicates it will not take effect unless House Bill No. 5558 is enacted into law. This ensures that the amendments made by this bill are contingent upon the passage of related legislation, thereby linking the two bills in their implementation.

Statutes affected:
House Introduced Bill: 493.20