A bill for an act relating to delayed deposit services by limiting the annual percentage rate for fees and requiring a delayed deposit repayment option in certain circumstances, and making penalties applicable.

Summary

The bill caps the annual percentage rate on delayed deposit services at 10% and gives consumers who take more than four such loans from the same provider in two months the option to set up an extended repayment plan. The plan must be in writing, split into at least four equal payments, and prevents the lender from charging extra fees or starting collection while it’s active. If a payment is missed, the lender may impose a penalty up to $15 and resume collection actions.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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