Current Amendment: 3710R109.GM.DOCX to Bill 3710
Senator MALLOY proposes the following amendment (3710R109.GM.DOCX):
Amend the bill, as and if amended, Part IB, Section 79, BOARD OF FINANCIAL INSTITUTIONS, page 457, line 29, by adding an appropriately numbered new proviso to read:
/ 79.___ (FI: Consumer Protection) (A) The Board of Financial Institutions shall charge deferred presentment providers a fee on each deferred presentment transaction equal to fifty percent of the principal amount advanced by a provider, not to exceed two hundred dollars. No part of the transaction fee may be directly or indirectly paid by a person entering into a deferred presentment transaction with a deferred presentment provider licensed pursuant to Chapter 39, Title 34.
(B) The fees must be transferred to the Department of Consumer Affairs and used to fund investigations of complaints made by people against deferred presentment providers and used to attempt to reach a mutually agreeable settlement of the complaint. A person for whom the department attempts to reach a settlement does not waive, by virtue of the department's actions, any other remedy that he has at law or equity.
(C) From the funds appropriated to the Board of Financial Institutions, the board must develop a notice to be included with all deferred presentment transaction documentation providing the person entering into the transaction with the Department of Consumer Affairs contact information and including a statement that the person should contact the Department of Consumer Affairs with any complaints concerning their transaction. The notice must be signed and dated by the deferred presentment provider, or his agent or employee, and the person entering into the deferred presentment transaction.
(D) The Department of Consumer Affairs must submit a report to the General Assembly on or about March 1, 2014, concerning the investigations conducted, the outcomes of the investigations, and recommendations for additional consumer protections that the department deems advisable.
Renumber sections to conform.
Amend sections, totals and title to conform.