HB 4515 Summary

• Replaces references to "commissioner" with "director" throughout the Deferred Presentment Service Transactions Act and updates terminology such as "third party" to "third-party"

• Modifies customer eligibility restrictions to prohibit licensees from entering transactions with customers who had a deferred presentment agreement closed within the last 30 days, in addition to existing prohibitions on multiple open agreements

• Adds new requirement for licensees to determine and document that customers have reasonable ability to repay before entering transactions, including verification of income, expenses, and credit history, with a maximum debt-to-income ratio threshold of 41%

• Updates database functionality to track transactions closed within the past 30 days and clarifies verification requirements when customers have recent transaction history

• Adds new prohibited practices including tying arrangements, making transactions with excessive fees or charges, and engaging in devices or subterfuge to evade act requirements; effective 90 days after enactment