SB 1367 Summary

• Clarifies that "installment lender" definition applies only to persons not exempt under section 480J-32 and those required to be licensed under the chapter.

• Requires monthly maintenance fees on installment loans to be prorated daily for partial months, with daily rates of $0.83, $1.00, or $1.17 depending on loan amount.

• Allows lenders to charge a non-refundable $1 convenience fee for debit card payments, which is optional for consumers and does not count toward loan charges.

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

• Eliminates the three-day waiting period requirement between loan repayment and new loan issuance.

• Sunsets on June 30, 2030, with prior statutory language reenacted unless renewed.