AL SB91

Expands licensure requirement for deferred presentment services (payday loans) to include services offered by mail, telephone, Internet, mobile device application, or in person.

Increases nonrefundable license fee from $500 to $1,000 per location, with $500 paid to the State Banking Department and $500 to the General Fund.

Makes attempting to evade licensure requirements a misdemeanor, punishable by a fine of $100-$500 or imprisonment up to six months, or both.

Regulates deferred presentment services including maximum finance charge of 45% per annum, maximum origination fee of 20% on first $300 plus 7.5% on amounts over $300, minimum 6-month loan term with monthly payments, and limits customers to two consecutive transactions before requiring a 30-day waiting period.

Requires third-party private sector database checks to ensure customers do not exceed $500 total outstanding deferred presentment transactions across all lenders.