Vote Smart's Synopsis:

Vote to pass a bill that prohibits payday loan lenders from charging more than 36 percent interest on a payday loan, not including any “one-time origination fee for a new loan.” The bill also prohibits payday loan lenders from charging more than a $10 origination fee per $100 of loans, setting up or renewing a payday loan for less than 31 days, renewing a loan three or more times, charging any hidden fees, or starting a new loan with a consumer within seven days of the end of an earlier loan. The bill also bans charging more than one fee for each loan transaction for dishonored checks or insufficient funds, stipulates that this fee cannot be more than $20, and specifies the information that must be included in a payday loan contract.

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that prohibits payday loan lenders from charging more than 36 percent interest on a payday loan, not including any “one-time origination fee for a new loan.” The bill also prohibits payday loan lenders from charging more than a $10 origination fee per $100 of loans, setting up or renewing a payday loan for less than 31 days, renewing a loan three or more times, charging any hidden fees, or starting a new loan with a consumer within seven days of the end of an earlier loan. The bill also bans charging more than one fee for each loan transaction for dishonored checks or insufficient funds, stipulates that this fee cannot be more than $20, and specifies the information that must be included in a payday loan contract.

Full Bill Text

Full Bill Text