SB2479 amends the Consumer Installment Loan Act to protect licensees from additional fees and claims from certified database providers.
SB2479 amends the Consumer Installment Loan Act to ensure that certified database providers indemnify licensees against claims arising from illegal or willful acts. The bill also limits the fees a database provider can charge to the lesser of $1 or 0.1% of the loan principal. Additionally, it prohibits database providers from charging any additional fees to licensees. This change takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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