House Sponsors: BUGIELSKI-MEYER. Senate Sponsors: KARPIEL Short description: CONS INSTALL PAYDAY LOANS Synopsis of Bill as introduced: Amends the Consumer Installment Loan Act. Sets forth terms and conditions under which licensees may engage in making short-term loans. Provides that interest on these loans must be computed as simple interest. Requires licensees to provide information about debt management services to borrowers before entering into a short-term loan agreement. Establishes notice requirements for defaults by a borrower. Limits property in which a licensee may take a security interest to the check or motor vehicle title tendered to the licensee at the time of the loan transaction. Provides procedures for taking possession of motor vehicles. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status