HB531 Alabama 2015 Session

Under existing law, deferred presentment transactions, commonly referred to as payday loans, are regulated by the State Banking Department pursuant to the Deferred Presentment Services Act

This bill would allow a customer to repay a deferred presentment transaction over a three-month period

This bill would prohibit the extension of a deferred presentment transaction

To amend Sections 5-18A-2, 5-18A-12, and 5-18A-13 of the Code of Alabama 1975, relating to deferred presentment transactions; to allow a customer to repay a deferred presentment transaction over a three-month period; to prohibit the extension of a deferred presentment transaction; to decrease the extended repayment option from four months to three months; to allow licensees to collect a bad check fee for each bad check presented; to require each licensee to report within a specified time certain information to the supervisor and require the supervisor to publish the aggregated data to the public.