This bill modifies provisions related to deferred deposit, or payday, lending.
This bill:
- extends the time period during which a person may rescind a deferred deposit loan;
- requires a deferred deposit lender to provide a notice of default in the language in which the deferred deposit loan transaction occurs;
- requires a deferred deposit lender to have a notice of default available in English upon request for a person who receives a notice of default in another language; and
- makes technical and conforming changes.