HB 1104 - DIGEST

     Authorizes financial institutions to make a small loan by advancing moneys on the security of a postdated check or draft delivered at the time, provided the time period between the date the loan is granted and the postdated check does not exceed thirty-one days.

     Declares that a small loan as used in this act means a loan of up to six hundred dollars for up to thirty-one days.

     Provides that a bank may charge fees or interest for small loans under this act not to exceed in the aggregate ten percent of the principal amount borrowed.