Bill Title: Amends the Payday Loan Reform Act. Authorizes a lender to charge a borrower for the verification that the proposed loan agreement is permissible: a fee not to exceed $1 for a payday loan or a fee not to exceed $1 for each month that a balance is scheduled to be outstanding on an installment payday loan (rather than a fee not to exceed $1). Authorizes a certified consumer reporting service to charge the following verification fees upon a loan being made or entered into a certified database: a fee not to exceed $1 for a payday loan or a fee not to exceed $1 for each month that a balance is scheduled to be outstanding on an installment payday loan (rather than a fee not to exceed $1). Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2019-01-04 - Public Act . . . . . . . . . 100-1168 [HB4873 Detail]

Text: Latest bill text (Chaptered) [HTML]

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