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AK HB269

Bill

Official Source

Status

Introduced

1/19/2010

Primary Sponsor

Alberta Gardner

Click for details

Origin

House of Representatives

26th Legislature

AI Summary

  • Removes requirement for separate licenses for Internet websites offering deferred deposit advances, while prohibiting all advances made over the Internet or telephone
  • Increases minimum advance duration from 14 to 31 days and reduces fee caps from $15 to $5 per $100 borrowed
  • Limits advance renewals to one time instead of two consecutive times before requiring full repayment
  • Requires licensees to report additional data including payment plans entered, assigned advances, court actions, and collections from court proceedings
  • Modifies posted fee notice requirements to display fees as dollar amounts and annual percentage rates for 31 days per $100 instead of both 14 and 30-day rates

Legislative Description

Deferred Deposit Advances

Communications

Last Action

REFERRED TO LABOR & COMMERCE

1/19/2010

Committee Referrals

Labor & Commerce1/19/2010

Full Bill Text

No bill text available