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AL HB452
Bill
Status
5/9/2023
Primary Sponsor
Phillip Ensler
Click for details
AI Summary
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Changes the required term for deferred presentment transactions from "between 10 and 31 calendar days" to "a minimum of 30 calendar days," effectively eliminating the option for shorter-term loans.
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Amends Section 5-18A-13 of the Alabama Code to modify existing regulations on payday lending and check-cashing transactions.
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Becomes effective on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Relating to deferred presentment transactions; to amend Section 5-18A-13, Code of Alabama 1975, to require the term of a deferred presentment transaction to be a minimum of 30 calendar days.
Payday loans, impose minimum 30-day term for transactions
Last Action
Introduced and Referred to House Financial Services
5/9/2023