Concerning the maximum principal amount of small loans.

Summary

The bill limits how much a borrower can take in a small loan, caps fees, and restricts how often loans can be made. It requires lenders to obtain a special endorsement, ties loan due dates to the borrower’s pay schedule, and allows only post‑dated checks as collateral. These changes aim to protect consumers from predatory short‑term lending.

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

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