HB 5512 - Payday Loans Regulation

• Caps payday loan interest rates at 12% per annum, excluding a one-time origination fee
• Limits origination fees to $10 per $100 borrowed or $30 maximum, and caps dishonored check fees at $20 per transaction
• Requires minimum loan term of 31 days and prohibits renewal of payday loans more than two times
• Prohibits payday loan businesses in locations where liquor, lottery tickets, or gambling devices are sold
• Prohibits new payday loans within 7 days after a previous payday loan expires and bans certain loan agreement provisions including hold-harmless clauses and waivers of legal rights