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• Introduced by Sen. Martha G. Scott (D) on February 3, 2005, to require the provider of a "deferred deposit loan" (or “payday loan”) in which for a fee the lender accepts a post-dated check, or agrees to hold a check for a period of days prior to deposit, to be licensed by the state, post a bond, display a warning on written loan agreements that the loan is not intended to meet long-term need and should be used only for short-term cash needs, and more. The bill would also prohibit the lender from using any criminal process to collect the loan.
  • Referred to the Senate Banking and Financial Institutions Committee on February 3, 2005.