SB3195 Summary

• Increases application and license fees across multiple financial services acts including the Currency Exchange Act, Sales Finance Agency Act, Debt Management Service Act, Consumer Installment Loan Act, and Payday Loan Reform Act.

• Establishes an initial payday lender license fee of $1,250 and implements tiered annual renewal fees based on transaction volume ranging from $500 to $1,675 plus additional charges for higher volumes.

• Increases penalties for late annual reports from $25 to $500 per day beyond March 1 filing deadline for consumer installment loan lenders and payday lenders.

• Changes license expiration dates from December 31 to January 1 in the Sales Finance Agency Act and Consumer Installment Loan Act, and adds provisions for reinstatement fees for expired licenses.

• Effective immediately upon becoming law.