PROPOSED
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2526
(Reference to printed bill)
Page 1, lines 12 and 13, strike "A licensee shall not pay a fee, commission or bonus or give anything of value to any merchant, dealer, consumer or other person" insert "Except as otherwise provided in this subsection, a licensee shall not pay a fee, commission or bonus or give anything of value to any merchant, dealer, consumer or other person"
Line 15, strike "for referring consumer lender loan business," insert "for referring consumer lender loan business,"
Line 22, strike the comma insert a period; strike "do either of the following:"; strike lines 23 through 26; line 27, strike "2."
Page 3, between lines 5 and 6, insert:
"F. If a consumer loan, consumer revolving loan or home equity revolving loan is in existence before the effective date of this amendment to this section and is modified or restructured after the effective date of this amendment to this section and the total new cash advances do not exceed one hundred dollars, a licensee may not contract for and receive periodic finance charges at an annual percentage rate that is higher than the annual percentage rate that existed before the effective date of this amendment to this section."
Page 4, after line 21, insert:
"Sec. 4. Title 6, chapter 5, article 2, Arizona Revised Statutes, is amended by adding section 6-639, to read:
6-639. Loans from theft or fraud; consumer not responsible; correction of credit information
A licensee may not hold a person responsible for any loan amount that is incurred as a result of a violation of section 13‑2008, 13‑2009, 13‑2010 or 13-2310. Within thirty days after a licensee is aware that a loan is a result of a violation of section 13-2008, 13-2009, 13-2010 or 13-2310, the licensee shall immediately correct any derogatory credit information that is reported to a consumer reporting agency as defined in section 44‑1691 and that is the result of the violation."
Amend title to conform
KATE BROPHY MCGEE |