Payday Lending 2012 Legislation
Last Updated: Jan. 18, 2013
NCSL Staff Contact: Heather Morton. (303) 364-7700, Denver
This page addresses state legislation regarding payday lending or deferred presentment, which features single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts, and loan products designed to be an alternative to payday lending.
Twenty-two states had pending legislation in the 2012 legislative session. Six states enacted legislation during the 2012 legislative session. Delaware set a limit of five loans per 12-month period. Louisiana requires the commissioner of the Office of Financial Institutions to collect and compile information and data from licensees concerning the operation, function, and customers of
deferred presentment transactions and small loan businesses for a period of one year, beginning Jan. 1, 2013. Nebraska now provides that the director of Banking and Finance shall collect fees, charges, costs, and fines under the Delayed Deposit Services Licensing Act and remit them to the state treasurer. Oklahoma amended its provisions to make certain information confidential. Tennessee authorized the commissioner of Financial Institutions to require persons subject to Deferred Presentment Services Act to be licensed through a multi-state automated licensing system. Utah modified the Check Cashing and Deferred Deposit Lending Registration Act to address reporting requirements and the requirement to register and requires an interim committee to study whether to require local forums for settling payday loan disputes.
Category: Payday loans