HB5387 Summary

• Allows licensed businesses under the Currency Exchange Act, Consumer Installment Loan Act, and Payday Loan Reform Act to offer products and services permitted under any of these Acts, provided they hold the appropriate license for each product or service.

• Reduces maximum fines from $10,000 to $500 per violation type annually under the Consumer Installment Loan Act and Payday Loan Reform Act, but only after a 30-day correction period following notification.

• Limits examinations of licensee books and records to no more than 4 hours per day occurring during a single business day, and caps annual examination fees at $250 for Consumer Installment Loan Act licensees and $250 for Payday Loan Reform Act licensees.

• Reduces payday loan license annual fees from $1,000 to $450 and caps administrative hearing costs at $100 per licensee.

• Permits currency exchange licensees holding multiple licenses to consolidate required minimum liquid funds in a single account, provided total funds equal the minimum multiplied by the number of licenses held.