Text: SF00251 Text: SF00253 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 533D.17 DEBT MANAGEMENT SERVICE
1 2 REFERRAL.
1 3 Upon a second transaction by a delayed deposit services
1 4 customer, a licensee shall provide the delayed deposit
1 5 services customer with information regarding debt management
1 6 businesses in the customer's area, licensed pursuant to
1 7 chapter 533A, where the customer may receive credit counseling
1 8 services.
1 9 EXPLANATION
1 10 This bill adds a new section to Code chapter 533D,
1 11 regarding delayed deposit services, more commonly known as
1 12 payday loans. The bill requires the licensee to give the
1 13 customer information regarding credit counseling services in
1 14 the area upon the customer's second delayed deposit
1 15 transaction. A person who violates the chapter may be ordered
1 16 to pay a fine of not more than $5,000, and the costs of
1 17 investigations, pursuant to Code section 533D.14. Failure to
1 18 pay a fine and the costs of investigation constitute a
1 19 separate violation of that Code section. Either type of
1 20 violation may support the suspension or revocation of a
1 21 license granted under the chapter pursuant to Code section
1 22 533D.12. In addition, the superintendent may also issue a
1 23 cease and desist order, injunction, restraining order, or writ
1 24 of mandamus under Code section 533D.13.
1 25 LSB 2531SS 80
1 26 jj/cl/14
Text: SF00251 Text: SF00253 Text: SF00200 - SF00299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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