HB 1048 Summary

• Replaces "consumer loan" terminology with "installment loan" and clarifies that the chapter applies only to persons not exempt under section 480J-32 and those required to be licensed.

• Requires monthly maintenance fees to be prorated daily for partial months, with specific daily rates: $0.83/day for loans up to $299.99, $1/day for $300-$699.99, and $1.17/day for loans $700+.

• Allows lenders to charge up to $5 convenience fee for debit card payments but prohibits requiring this payment method and bars non-sufficient funds fees for rejected debit card payments.

• Requires written receipts only for cash or in-person payments and removes consumer names from receipts.

• Eliminates the three-day waiting period requirement between full repayment and issuance of a new installment loan to the same consumer.

• Sunsets June 30, 2028 with effective date of July 1, 3000.