COMMITTEE ON COMMERCE
HOUSE OF REPRESENTATIVES AMENDMENTS TO H.B. 2611
(Reference to printed bill)
Page 6, line 15, strike "or 9"
Line 19, strike "closed-end" insert "open-end"; strike "ten" insert "three"
Line 22, strike "ten" insert "three"
Strike lines 24 through 27
Renumber to conform
Page 7, line 36, after the period insert "a flex loan lender shall apply for renewal as prescribed by the superintendent not later than June 30 of each year. a license for which a renewal application is not received by the superintendent by June 30 is suspended and the flex loan lender may not act as a flex loan lender until the license is renewed or a new license is issued pursuant to this article. The license of a flex loan lender that has not filed a RENEWAL application and paid the RENEWAL fee by July 31 expires."
Page 10, line 31, after "payments" insert "permitted"
Page 11, between lines 33 and 34, insert:
"D. A licensee shall not make a flex loan having an annual percentage rate greater than that set forth in federal law in 10 United States code section 987 (b) to a person who is either:
1. a member of the United States armed forces who is on active duty under a call or order that does not specify a period of thirty days or less.
2. on active national guard and reserve duty.
3. a dependent as defined in the John Warner national defense authorization act for fiscal year 2007 (P.L. 109-364; 120 stat. 2083; 10 United States code section 987) or any regulation adopted pursuant to that act, including 32 code of federal regulations part 232, of a person listed in paragraphs 1 and 2 of this subsection."
Page 12, line 15, after "line" insert "or, alternatively a licensee may provide the borrower with the disclosures required by this section in a mobile or other electronic application, on which the size of the type face of the disclosure can be manually modified by a prospective borrower, if the prospective borrower is given the option to print the DISCLOSURE in a type face of at least twelve point size or is provided by the licensee with a hard copy of the disclosure in a type face of at least twelve point size before the loan is consummated"
Page 12, between lines 27 and 28, insert:
"D. If a licensee is providing electronic loans, the licensee must conspicuously display the following disclosure on its website:
Notice: Before signing any loan documents or otherwise committing to a loan, please read our terms and conditions carefully."
Reletter to conform
Strike lines 33 through 37, insert:
"F. A licensee shall provide customers with a periodic billing statement in compliance with the truth in lending act (P.L. 90‑321, 82 Stat. 146, 15 United States code sections 1601 through 1667f)."
Reletter to conform
Line 42, strike "not"; after "of" insert "not"
Line 44, after "of" insert "not more than"
Page 13, line 3, after "unpaid" insert "principAL"
Strike lines 19 through 23
Page 14, line 8, strike "3" insert "2"
Line 10, after "actual" insert "unpaid"
Amend title to conform