SCS/SB 345 - Currently, the fee amount that a lender may charge on a loan for 30 days or longer that is not an open-end credit loan is 10% of the principal amount loaned, not to exceed $75. This act changes that to be 10% of the principal amount loaned, not to exceed $100. This provision is identical to HB 64 (2015).
This act requires the Mortgage Broker Licensing examination to be designated as the Nationwide Mortgage Licensing System Uniform State Test for Mortgage Loan Originator Licensing.
This provision is identical to HCS/HB 926 (2015) and similar to SB 488 (2015).
Currently, in order to obtain a license to issue checks in this state, an individual must submit an application accompanied by an investigation fee of $100. Furthermore, prior to receiving such license, and annually thereafter, an individual must pay a fee of $100. This act changes each of those fees to $300.
The Director of Finance is currently permitted to charge a fee not exceeding $100 for amending and reissuing an existing license. This act changes that to a fee not to exceed $300.
Current law states that the annual licensing fee for an individual to engage in the business of a financial institution shall be $300 for each place of business of the individual. This act changes that fee to $500 per place of business.
In order to engage in the business of a premium finance company, individuals currently must pay an annual registration fee of $300. Further, any revised statement of a registration form shall be accompanied by a $100 fee. This act changes those fees to $500 and $300, respectively.
Currently, the licensing fee for individuals to engage in the business of a sales finance company is $300 for each place of business operated by the individual. This act changes that to a $500 fee.
Lenders of small loans are currently required to apply for a certificate of registration accompanied by a $300 fee. This act changes that fee to $500.
Credit service organizations filing a registration statement with the Director of Finance may be charged a fee not exceeding $100 by the Director. This act changes that to a fee not exceeding $300.
Currently, lenders of unsecured loans of $500 or less must obtain a license from the Director of Finance and pay an annual license fee of $300 per location. This act changes that to a $500 fee per location.
These provisions are substantially similar to HCS/HB 587 (2015) which was Truly Agreed To and Finally Passed.
SCOTT SVAGERA