HB0104 Summary

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

• Establishes initial payday lender license fee of $1,250 and increases annual consumer installment loan application fees from $300 to $1,250

• Changes late annual report penalties from $25 per day to $500 per day for consumer installment loan and payday lender reports filed after March 1

• Modifies license expiration dates to December 31 instead of December 31/January 1 and adds reinstatement fees for expired licenses in Sales Finance Agency Act, Consumer Installment Loan Act, and Payday Loan Reform Act

• Effective immediately upon becoming law