Allows residents of Department of Corrections facilities to obtain credit improvement loans.
This bill allows a juvenile or adult client of a correctional or detention facility to obtain a loan from a financial institution or credit union. The loan funds are exempt from being used for restitution or the client's telephone call account if the loan is designed to improve the client's credit score. The funds are deposited in the client's savings account at the financial institution or credit union, secured by funds disbursed by the client after any collections required by law, and must be repaid in full using those secured funds or other funds disbursed by the client.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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