HB5524 Summary: Income Share Agreement Consumer Protection Act

• Amends the Consumer Installment Loan Act to regulate income share agreements (ISAs), treating them as loans and establishing comprehensive consumer protections for borrowers.

• Requires providers to disclose specified terms at least 3 business days before consummation, including payment percentage, maximum payments, payment cap, annual percentage rate, and grace period information.

• Limits contractual payment percentages to 5% of qualified income, restricts payment caps to 1.10 times the advance amount, caps advances at $5,000, and establishes a maximum 60-month agreement term.

• Prohibits payments during enrollment in covered educational programs plus a 6-month grace period after completion; requires borrowers to exhaust federal student loans and state grants before entering educational ISAs.

• Establishes dispute resolution procedures requiring providers to investigate account disputes within 30 days, implement escalation processes, and allows borrowers to appeal determinations within 30 days while suspending collection activities during disputes.