Loading chat...
AL HB296
Bill
Status
2/24/2016
Primary Sponsor
Danny Garrett
Click for details
AI Summary
-
Repeals Chapter 18A, Title 5 of the Code of Alabama 1975, known as the Deferred Presentment Services Act, which previously governed short-term cash advance loans.
-
Prohibits any person from advancing funds for a fee in exchange for a personal check or authorization to debit a deposit account with an agreement to delay cashing or depositing until a designated future date.
-
Establishes a civil penalty of $1,000 per violation for engaging in prohibited short-term cash advance lending.
-
Assigns enforcement responsibility to the Banking Department.
-
Makes the act effective immediately upon passage and approval by the Governor.
Legislative Description
Deferred Presentment Services Act repealed, short-term cash advance loans, prohibited, Secs. 5-18A-1 to 5-18A-22, inclusive, repealed
Payday Loans
Last Action
Read for the first time and referred to the House of Representatives committee on Financial Services
2/24/2016