Senate Bill No. 2252 Summary

• Caps deferred presentment service fees at an annual percentage rate of 36 percent, replacing the previous 20 percent fee limit.

• Requires licensees to include annual percentage rate disclosures in written agreements and prohibits contract clauses that waive borrower protections or rights under state law.

• Limits customers to a maximum of $600 in outstanding deferred presentment obligations across all licensees and prohibits new transactions within 3 business days of prior transaction completion.

• Establishes that violations of fee caps and transaction procedures constitute a class A misdemeanor, with violating transactions being void and uncollectible.

• Applies to all deferred presentment service transactions made on or after the effective date of the act.