SB 2383

Abstract

Amends the Consumer Installment Loan Act. Provides that no licensee shall conduct the business of making loans under the Act within any office, suite, room, or other place of business in which any other business is solicited or engaged unless the other business is licensed by any licensing authority in this State or, in the opinion of the Director of Financial Institutions, the other business would not be contrary to the best interests of consumers. Amends the Payday Loan Reform Act. Provides that no licensee shall conduct the business of making loans under the Act within any office, suite, room, or place of business in which any other business is solicited or engaged in unless the other business is licensed by any licensing authority in this State or, in the opinion of the Secretary of Financial and Professional Regulation, the other business would not be contrary to the best interests of consumers and is authorized by the Secretary of in writing. Changes the maximum time period for payday loans to 182 days (was 180 days). Effective immediately.