HB 332 Summary

• Requires check cashers to register annually with the Department of Commerce and Consumer Affairs and provide their principal office address, agent for service of process, and registration fees.

• Mandates check cashers offer customers a voluntary payment plan in writing beginning with the third consecutive deferred deposit transaction, structured as at least six equal payments of no more than 5% of monthly pretax income with a maximum $30 administration fee.

• Establishes that customers may have only one outstanding deferred deposit transaction from all sources at any time, with check cashers required to obtain written confirmation from customers before entering into transactions.

• Expands required notices to customers in at least 12-point type including fees, rescission rights within 24 hours, annual percentage rates, limitations on long-term borrowing, and contact information for financial counselors and the consumer information service.

• Removes exemption for retail businesses that occasionally cash checks and requires the State Auditor to conduct a sunrise analysis of payday lender regulation and submit findings to the legislature by January 2020.