5312 AMS NELS MEND 225
SB 5312 - S AMD 27
By Senator Nelson
OUT OF ORDER 02/20/2013
On page 7, line 31, after "loan;" strike "and"
On page 7, line 35, after "making." insert "; (9) A notice to the borrower in at least ten-point type that states:
A SMALL CONSUMER INSTALLMENT LOAN IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS.
A SMALL CONSUMER INSTALLMENT LOAN SHOULD BE USED ONLY TO MEET SHORT-TERM CASH NEEDS."
Renumber the remaining sections consecutively and correct any internal references accordingly.
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EFFECT: The loan agreement between the licensee and the borrower is to include a disclosure that small consumer installment loans are not intended to meet long-term financial needs and should only be used to meet short-term cash needs.
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