Senate Bill 842 Summary

• Amends the Regulatory Loan Act to replace references to "commissioner of the office of financial and insurance services" with "director of the department of insurance and financial services"

• Changes terminology throughout the act from "person" to "individual" when referring to borrowers and loan applicants

• Clarifies that loan processing fees may not exceed 5% of principal up to $250, with the $250 limit adjusted every 2 years based on the U.S. Consumer Price Index rounded to the nearest hundred dollars

• Adds definition of "credit services organization" and clarifies that third-party fees (including those from credit services organizations) in connection with loans are not considered licensee fees and do not violate the act

• Effective 90 days after enactment