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PAYDAY LOANS, PAYDAY ADVANCES, DEFERRED DEPOSITS, STATE LAWS & LEGISLATION
Paycheck Loan Various State Legislation
The following information is presented as a courtesy only. It may be dated
This material must be considered as a starting point only. YOU must perform your Due Diligence!
Some links may be "dead". NOTE: If your state or country is not included in our list, it simply means
we have not yet located the appropriate web site. If you have a web site link that you feel should be included here, PLEASE email us and we will be
very happy to add it.
For a more thorough discussion of payday loan and cash advance laws & legislation, visit:
These links open a NEW BROWSER WINDOW. After reviewing, close the new window to return to Affordable Payday Loans and Paycheck Advances
|AL - This links to the Alabama Legislation Website|
|Ark. - This links to the Arkansas Legislation Website|
Arizona - This links to the Arizona Legislation Website. Start your search for Bill#SB1078
This links directly to the California's Legislation Website. This is existing legislation that governs Payday Advances.
SB834This links directly to the California's Legislation Website. This is proposed legislation (as of 4/19/99) and was introduced 2/25/99. AB425
This links directly to the California's Legislation Website. This is proposed legislation (as of 4/19/99) and was introduced 2/12/99. It was amended 3/24/99 .
|FL - This links to the Florida State Website.|
Consumer Credit Disclosure
|ID - This links directly to Idaho State's Website|
IN - This links directly to the Indiana State's Website.
License Application This link is to the State of Indiana License Application for Check Casher/Payday Advance.
Payday LendersLinks to a list of payday lenders in Indiana.
|KS - This links directly to Kansas State's Website. They moved the direct link! We are searching!!|
This links directly to the Louisiana Legislation Website
The State of Louisiana has killed SB 132. This is the bill that would of put payday loan companies out of business. No bill is expected to pass in LA.
|MN - This links directly to Minnesota State's Website.|
MO House - This links directly to
Missouri State's Website.
MO Senate - This links directly to Missouri State's Website.
04/28/99 - Mississippi has passed HB 821 which has been enacted and signed by the Governor.
|MS - This links directly to the Mississippi Legislation Website. Do your searches on HB 821.|
|NEW NY This links directly to the State of New York Banking Department Policy Statement|
|NC - This links directly to the North Carolina Legislation Website.|
- The Nevadas Check Cashing and Deferred Deposit
industry is regulated by the Financial Institution Division of the state of Nevada under
N.R.S. 604. Every company desiring a presence in the State
of Nevada must register with the State in accordance with the regulation.
NV - This links directly to Nevada State's Website
1. Effective Rate: $15.00 per $100.00
2. Maximum Contract: $500.00
3. Min/Max Duration: 1 Day to 6 Months
4. Only 1 loan at a time to a customer
5. No Rollover allowed
6. Must wait 1 business day to make a new loan after payoff (Cool Off Period)
7. Full Truth in Lending Disclosure required
8. NSF Fee = $20.00 plus Bank Charge, Maximum $25.00
9. No Additional Late Fees or Interest
10. Must have a license as a Check Casher and have a minimum $100,000 net worth.
OH - This links directly to the Ohio Legislative search page. Search on Revised Code 1321!
OR - This links directly to Oregon State's Website. All I have heard so far is that you have to be licensed as a Financial Institution.
Summary So. Carolina
Please note that the date of the entry is when it was placed on this site...not necessarily when it actually happened!
04/30/99 - Title Lenders Act (SB 661) and Deferred Presentment Bill (SB 434) as of late have become fairly active. SB 661 has been made "Special Order," and SB 434 has passed the Senate and is off to the house.
04/28/99 - Title Lenders Act (SB 661) caps interest as follows:
$100 - 22.5% or $22.50 for 30 days
$200 - 19% or $37.50 for 30 days
$300 - 16% or $47.50 for 30 days
$400 - 14% or $57.50 for 30 days
and so on...This bill has been made "Special Order" by the SC Senate on 4/27/99.
SC - This links directly to the South Carolina Legislation search page. Do your search on SB 661.
|TN This links directly to the Tennessee Legislation Website.|
|VA - This links directly to Virginia's Website.|
|American Collectors Assoc. - This links directly to the The American Collectors Association Website. Excellent resource for collection activities relevant to the Payday Advance Business|
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