SB 5547 -
By Senator Nelson
NOT CONSIDERED 05/25/2011
On page 2, beginning on line 17, after "(4)" strike everything
through "(5)))" on line 22 and insert "A borrower is prohibited from
receiving more than eight small loans from all licensees in any twelve-month period. A licensee is prohibited from making a small loan to a
borrower if making that small loan would result in a borrower receiving
more than eight small loans from all licensees in any twelve-month
period.
(5) The director or designated persons, with or without prior
administrative action, may bring an action in superior court to enjoin
the acts or practices that constitute violations of this chapter and to
enforce compliance with this chapter or any rule or order made under
this chapter. Upon proper showing, injunctive relief or a temporary
restraining order shall be granted. The director shall not be required
to post a bond in any court proceedings.
(6)"
Renumber the remaining subsections consecutively and correct any internal references accordingly.
EFFECT: Restores the eight loans per year cap on small loans. Provides the Department of Financial Institutions with the authority and option of filing an action in superior court to enforce compliance with the Check Cashers and Sellers Act, including compliance actions against out-of-state unlicensed internet payday lenders.