SB1853 amends the Consumer Installment Loan Act and Predatory Loan Prevention Act to enhance consumer protections.
SB1853 amends the Consumer Installment Loan Act by modifying the disclosure requirements for loan terms and charges. It mandates that lenders must disclose the annual percentage rate using the federal Truth in Lending Act's calculation method. The bill also prohibits penalties for loan prepayment and requires lenders to offer borrowers a credit education program or seminar.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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