s. 398 pay day lending legislation

Thursday 02.14.08 was dominated with a committee report from S. 398 bill that deals with pay day lenders. We’ve agreed to work all day Tuesday 02.19.08 (happy b-day to me) instead of having Judiciary & Finance Committee meetings. Here’s some highlights of the committee amendment on the bill:
-one loan per customer at a time (industry-wide)
-one-day cooling off period
-monitored by a real-time statewide database
-establishes an extended payment plan option
        -no additional cost to the customer
        -equal installments up to 60 days (4 pay periods)
        -prohibits additional loans while in the plan
-requires a state board annual report to the General Assembly
-sets the loan amount to 25% of the customer’s income during the term of the loan or $500 whichever is less