PROPOSED AMENDMENT
SENATE AMENDMENTS TO H.B. 2611
(Reference to House engrossed bill)
Page 6, line 42, after the period insert “THE SUPERINTENDENT SHALL REQUIRE AS PART OF AN APPLICATION THAT THE APPLICANT SUBMIT THE NAME OF ALL CREDIT BUREAUS THE LICENSEE WILL UTILIZE WHEN MAKING A FLEX LOAN TO A CONSUMER IN ARIZONA.”
Page 8, between lines 12 and 13, insert:
“G. THE SUPERINTENDENT SHALL PUBLISH ON AT LEAST A MONTHLY BASIS ON THE DEPARTMENT’S WEBSITE A LIST OF THE CREDIT BUREAUS UTILIZED BY THE LICENSEES IN ARIZONA AS PROVIDED TO THE SUPERINTENDENT BY THE LICENSEES PURSUANT TO SUBSECTION C OF SECTION 6-1803. BEFORE UTILIZING A CREDIT BUREAU NOT LISTED IN A LICENSEE’S APPLICATION PURSUANT TO SUBSECTION C OF SECTION 6-1803, THE LICENSEE SHALL PROVIDE THE CREDIT BUREAU NAME TO THE SUPERINTENDENT WHO SHALL UPDATE THE LIST REQUIRED BY THIS SUBSECTION G WITHIN TWENTY-FOUR HOURS OF RECEIVING THE NEW CREDIT BUREAU NAME.”
Page 11, line 29, after the period strike remainder of line
Strike lines 30 through 37, insert “BEFORE ENTERING INTO A FLEX LOAN, A LICENSEE SHALL INQUIRE TO EACH OF THE CREDIT BUREAUS LISTED ON THE DEPARTMENT’S WEBSITE PURSUANT TO SUBSECTION G OF SECTION 6-1804 TO OBTAIN A COMPREHENSIVE CREDIT REPORT TO DETERMINE WHETHER THE CONSUMER HAS AN OUTSTANDING FLEX LOAN FROM ANY LICENSEE IN THE STATE. THE LICENSEE SHALL NOT MAKE A FLEX LOAN TO A CONSUMER WITH AN OUTSTANDING FLEX LOAN.”
Page 15, after line 24, insert:
“Sec. 4. Real time credit bureau reporting
The licensee shall demonstrate to the superintendent that their credit bureau is able to immediately update the consumer’s trade line of a new flex loan and any other information the superintendent deems necessary to ensure compliance with this act”
Amend title to conform