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A02962 Summary:

BILL NO    A02962 

SAME AS    SAME AS S04036

SPONSOR    Wright (MS)

COSPNSR    Clark, O'Donnell, Robinson

MLTSPNSR   Brennan, Perry

Add S202-k, Bank L; add S5-532, Gen Ob L

Prohibits foreign banking corporations from issuing payday loans; defines
payday loans as any transaction in which a short-term cash advance is made to a
consumer in exchange for (i) a consumer's personal check or share draft, in the
amount of an advance plus a fee, where presentment or negotiation of such check
or share draft is deferred by agreement of the parties until a designated
future date; or (ii) a consumer's authorization to debit the consumer's
transaction account, in the amount of the advance plus a fee, where such
account will be debited on or after a designated future date.