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S04036 Summary:

BILL NOS04036
 
SAME ASSAME AS A02962
 
SPONSORSMITH
 
COSPNSR
 
MLTSPNSR
 
Add S202-k, Bank L; add S5-532, Gen Ob L
 
Prohibits foreign banking corporations from issuing payday loans; defines payday loans as any transaction in which a short-term cash advance is made to a consumer in exchange for (i) a consumer's personal check or share draft, in the amount of an advance plus a fee, where presentment or negotiation of such check or share draft is deferred by agreement of the parties until a designated future date; or (ii) a consumer's authorization to debit the consumer's transaction account, in the amount of the advance plus a fee, where such account will be debited on or after a designated future date.
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