SB 3535 — LOAN LICENSING & FEES
Last action — Session Sine Die
-
✓Introduced
-
2In Committee
-
3Passed Senate
-
4Passed House
-
5To Executive
-
6Enacted
This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Currency Exchange Act. Provides that a licensee who holds more than one community currency exchange license may hold the aggregate minimum liquid funds required for all the licensee's locations in a single account in the licensee's name. Further amends the Consumer Installment Loan Act. Provides that the Director of Financial Institutions may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that an examination of the books and records of a licensee by the Director shall take no more than 4 hours to complete and must occur during a single business day. Repeals provisions concerning a limited purpose branch and the prohibition against accepting certain checks. Makes other changes. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the Secretary of Financial and Professional Regulation shall take no more than 4 hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the Secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the Secretary may approve the conduct of other businesses in a licensee's place of business, unless the Secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other State financial regulation laws. Makes other changes.
Bill Text
- Introduced View text Current html
Action History
-
Session Sine Die
-
Rule 3-9(a) / Re-referred to Assignments
-
Postponed - Financial Institutions
-
Rule 2-10 Committee Deadline Established As March 30, 2012
-
Postponed - Financial Institutions
-
Postponed - Financial Institutions
-
Assigned to Financial Institutions
-
Referred to Assignments
-
First Reading
-
Filed with Secretary by Sen. Kimberly A. Lightford
Sponsors
- Kimberly A. Lightford · Cosponsor
Sponsorship breakdown
Export CSV (upgrade) →0 sponsors · 1 co-sponsors · 182 not signed on
Sponsors (0)
None.
Co-sponsors (1)
- Kimberly A. Lightford Democrat
Not signed on (182)
182 members have not signed on to this bill.
Show all 182 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does SB 3535 do?
- Amends the Currency Exchange Act, the Consumer Installment Loan Act, and the Payday Loan Reform Act. Provides that a business licensed under one of those Acts may offer any product or service that is permitted under any of those Acts, so long as the business is licensed under the appropriate Act. Further amends the Currency Exchange Act. Provides that a licensee who holds more than one community currency exchange license may hold the aggregate minimum liquid funds required for all the licensee's locations in a single account in the licensee's name. Further amends the Consumer Installment Loan Act. Provides that the Director of Financial Institutions may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that an examination of the books and records of a licensee by the Director shall take no more than 4 hours to complete and must occur during a single business day. Repeals provisions concerning a limited purpose branch and the prohibition against accepting certain checks. Makes other changes. Further amends the Payday Loan Reform Act. Provides that an examination of the books and records of a licensee by the Secretary of Financial and Professional Regulation shall take no more than 4 hours to complete and must occur during a single business day. Provides that a licensee must pay an annual fee of $450 (now $1,000). Provides that the Secretary may fine a licensee an amount not exceeding $500 (now, $10,000) per violation. Provides that the Secretary may approve the conduct of other businesses in a licensee's place of business, unless the Secretary finds that the conduct will conceal or facilitate evasion of violation of the Act. Repeals a provision concerning the superiority of the Act over any other State financial regulation laws. Makes other changes.
- Who sponsors SB 3535?
- SB 3535 is sponsored by Kimberly A. Lightford (Democrat).
- What is the current status of SB 3535?
- This bill died with 97th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 3535?
- Track SB 3535 free on One Click Politics — get push/email alerts when it moves.
Make your voice heard on SB 3535
Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.
Stay ahead of SB 3535
Last checked for changes 3 months ago · updated continuously
One Click Politics tracks every bill in Congress and all 50 states.
Track this bill →