HB5438 Summary

• Amends the Payday Loan Reform Act to cap interest rates on all payday loans at an annual percentage rate of 36%.

• Removes the previous distinction allowing higher rates on payday loans while maintaining the 36% cap specifically for installment payday loans with terms of 112-180 days.

• Applies the 36% annual percentage rate cap uniformly across standard payday loans and installment payday loans.

• Takes effect immediately upon becoming law.