2021 House Bill 4515

Expand payday loan restrictions

Introduced in the House

March 16, 2021

Introduced by Rep. Bill Sowerby (D-31)

To prohibit a payday lender from making a loan that results in a customer debt-to-income ratio higher than 41%, require these lenders to determine that a customer has a reasonable ability to repay the loan, limit customers to one payday loan per month and more.

Referred to the Committee on Financial Services