5312-S AMS NELS MEND 202

SSB 5312 - S AMD 21

By Senator Nelson

NOT ADOPTED 02/20/2013

    On page 6, line 8, after "(7)" strike "The" through "property" on line 9 and insert "The licensee may not accept any property, title to property, or other evidence of ownership of property as collateral at the time of loan origination or if the loan is in default, including a dated instrument such as a check, preauthorized electronic fund transfer, or automatic clearing house transaction"

     Renumber the remaining sections consecutively and correct any internal references accordingly.

EFFECT:   A licensee may not require that the borrower provide title to real or personal property, or any other collateral, as a condition of originating a small consumer installment loan, or if the loan is in default.

--- END ---