S679 Summary

• Allows lenders to recover statutory court costs and reasonable, documented expenses from borrowers who request voluntary dismissal of loan collection actions, with written acknowledgment from the borrower, except when borrowers raise affirmative defenses.

• Expands the definition of entities prohibited from charging additional fees to include affiliates, parent companies, subsidiaries, and entities under the same ownership, management, or control as the licensee.

• Increases the maximum loan amount subject to out-of-state collection restrictions from $10,000 to $15,000 and clarifies that all debts owed by a borrower count toward the $15,000 maximum loan amount.

• Revises military service member lending restrictions to define "covered military service member" as E4 rank or below and establishes that licensees must take reasonable precautions to identify covered members, with specific methods including Department of Defense verification or recent pay statements.

• Effective September 1, 2015.