HI HB1048

Clarifies the definition of "installment lender" to specify that only those not exempt under section 480J-32 and those arranging loans for third parties required to be licensed are covered by the installment loan chapter

Requires monthly maintenance fees to be prorated on a daily basis (83 cents for loans up to $299.99, $1 for loans $300-$699.99, and $1.17 for loans $700+) based on a 30-day month

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

Eliminates the requirement for written receipts to include the consumer's name and limits paper receipt requirements to cash or in-person payments only

Removes the 3-day waiting period that previously required lenders to wait before issuing a new loan after a consumer fully repaid an existing installment loan

Takes effect July 1, 3000, with a sunset date of June 30, 2028, after which the amended statutes revert to their previous form