SB 984 Summary

• Extends the Pilot Program for Increased Access to Responsible Small Dollar Loans from January 1, 2018 to January 1, 2023

• Requires annual reporting by the Commissioner on or before July 1 of 2017 through 2021 on program utilization, including loan statistics, borrower demographics, delinquency performance, and program violations

• Removes the requirement for the Commissioner to conduct and report results of a random sample survey of borrowers

• Establishes that program recommendations for continuation shall address whether the program should continue after January 1, 2023

• Makes technical conforming changes to cross-references within the Financial Code sections governing the small dollar loan program