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IA HF2039
Bill
Status
1/14/2026
Primary Sponsor
Larry McBurney
Click for details
AI Summary
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Caps the annual percentage rate (APR) for delayed deposit services (payday loans) at 10%, calculated pursuant to the federal Truth in Lending Act.
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Requires borrowers who take out more than four payday loans from the same lender within a two-month period to be offered an extended repayment plan option.
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Extended repayment plans must allow borrowers to pay off their total balance in at least four substantially equal installments, with no additional fees, interest, or charges for entering the plan.
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Prohibits lenders from initiating debt collection, civil court proceedings, or arbitration during the term of an extended repayment plan agreement.
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Limits borrowers to one extended repayment plan agreement per lender within a twelve-month period, and allows lenders to resume collection activities if the borrower fails to make scheduled payments under the plan.
Legislative Description
A bill for an act relating to delayed deposit services by limiting the annual percentage rate for fees and requiring a delayed deposit repayment option in certain circumstances, and making penalties applicable.
Last Action
Introduced, referred to Commerce. H.J. 75.
1/14/2026