HB5523 Summary

• Requires payday lenders to verify consumer identity in person before making a loan, including inspection and copying of a government-issued identification document.

• Allows identity verification to be performed by currency exchange licensees or other Department-approved physical locations on behalf of lenders, with no fee charged to consumers.

• Requires lenders to maintain completed identity verification forms as part of the loan file, recorded on Department-established forms that include the consumer's name, address, telephone number, and original signature.

• Permits authorized parties performing identity verification to contract with lenders for delivery of verification forms directly to lenders designated by the consumer.