The bill amends the existing laws governing small loan lenders by introducing new provisions regarding loan origination fees and interest rates. Specifically, lenders are permitted to charge an origination fee of the lesser of $100 or up to 5% of the amount borrowed. The interest rates for loans are adjusted, with the maximum monthly rates increasing from 3% to 5% for loans up to $300, from 2.5% to 4.5% for loans between $300 and $800, and from 2% to 4% for loans exceeding $800 but not exceeding $5,000. Additionally, lenders can now collect monthly service fees of up to $5 for loans up to $300, $10 for loans between $300 and $800, and $30 for loans exceeding $800.

Furthermore, the bill clarifies that, in addition to the interest and fees specified, small loan licensees are prohibited from charging any other fees, except for credit insurance, lawful filing fees, and other fees authorized by regulation. This legislation will take effect upon its passage.