PROPOSED AMENDMENT
SENATE AMENDMENTS TO H.B. 2611
(Reference to House engrossed bill)
Page 11, strike lines 28 through 37, insert:
“C. A LICENSEE MAY NOT OFFER A FLEX LOAN PLAN TO A CONSUMER WHO HAS AN OUTSTANDING CONSUMER FLEX LOAN PLAN WITH THE LICENSEE OR ANY OTHER LICENSEE.”
Page 12, line 4, after the period insert “BEFORE MAKING A FLEX LOAN TO A CONSUMER, A LICENSEE SHALL UTILIZE A STATEWIDE REAL-TIME CONSUMER REPORTING DATABASE APPROVED BY THE SUPERINTENDENT TO ENSURE COMPLIANCE WITH THIS SECTION AND CHAPTER. TO THE EXTENT THE DATABASE IS UNAVAILABLE FOR REASONS BEYOND THE CONTROL OF THE LICENSEE,”
Line 7, after “PERSON” insert “HAS AN OUTSTANDING FLEX LOAN, OR”
Page 15, after line 24, insert:
“Sec. 4. Statewide consumer reporting database approval
Before January 1, 2016, the superintendent shall certify a single statewide real-time consumer reporting service database as a commercially reasonable method of verification of compliance with the provisions of section 3 of this act. The flex loan licensee shall bear all costs associated with the establishment and use of the consumer reporting service database as approved by the superintendent.”
Amend title to conform