Amendment AA2-SB530

LRBa2330/3

MDK:jld:jf

2009 - 2010 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 2009 SENATE BILL 530

April 20, 2010 - Offered by Representatives Hintz, Seidel, Zepnick, Jorgensen, Fields and Smith.

SB530-AA2,1,2 At the locations indicated, amend the bill, as shown by senate substitute amendment 1, as follows:

SB530-AA2,1,3 1. Page 1, line 5: after "payday loans" insert "and motor vehicle title loans".

SB530-AA2,1,4 2. Page 1, line 6: delete "a payday lender" and substitute "such lenders".

SB530-AA2,1,5 3. Page 6, line 1: after " Payday" insert "and title".

SB530-AA2,1,6 4. Page 6, line 10: after " Payday" insert "and title".

SB530-AA2,1,7 5. Page 6, line 14: after that line insert:

SB530-AA2,1,8 "4. "Title lender" means a business, owned by a licensee, that makes title loans.

SB530-AA2,1,9 5. "Title loan" has the meaning given in s. 138.14 (1) (m).".

SB530-AA2,1,10 6. Page 6, line 15: after " payday" insert "and title".

SB530-AA2,1,11 7. Page 6, line 16: on lines 16, 18, 19 and 21, before "lender" insert "or title".

SB530-AA2,1,12 8. Page 6, line 19: after "another payday" insert "or title".

SB530-AA2,1,13 9. Page 7, line 1: on lines 1, 3, 7 and 9, after "payday" insert "or title".

SB530-AA2,2,2 10. Page 7, line 12: after " Payday" insert "and title".

SB530-AA2,2,3 11. Page 7, line 16: after that line insert:

SB530-AA2,2,4 "d. "Title lender" means a business, owned by a licensee, that makes title loans.

SB530-AA2,2,5 e. "Title loan" has the meaning given in s. 138.14 (1) (m).".

SB530-AA2,2,6 12. Page 7, line 17: on lines 17, 19, 20 and 22, before "lender" insert "or title".

SB530-AA2,2,7 13. Page 7, line 20: after "another payday" insert "or title".

SB530-AA2,2,8 14. Page 7, line 24: before "lenders" insert "or title".

SB530-AA2,2,9 15. Page 8, line 1: on lines 1, 5 and 7, after "payday" insert "or title".

SB530-AA2,2,10 16. Page 9, line 1: after "Payday" insert "or title".

SB530-AA2,2,11 17. Page 9, line 15: after "payday" insert "or title".

SB530-AA2,2,12 18. Page 10, line 2: after that line insert:

SB530-AA2,2,13 " Section 11m. 138.09 (8) (f) of the statutes is created to read:

SB530-AA2,2,17 138.09 (8) (f) Make no loan that requires a schedule of payments by a borrower under which any one payment is not equal or substantially equal to all other payments, or under which the intervals between any consecutive payments differ substantially.".

SB530-AA2,2,18 19. Page 10, line 11: after "Payday" insert "and title".

SB530-AA2,2,19 20. Page 10, line 21: after "payday" insert "or title".

SB530-AA2,2,20 21. Page 11, line 12: after "payday" insert "or title".

SB530-AA2,2,21 22. Page 12, line 4: after that line insert:

SB530-AA2,3,4 "(m) "Title loan" means a loan of $25,000 or less to a borrower, who obtains or seeks to obtain the loan for personal, family, or household purposes, that is, or is to be, secured by an interest, other than a purchase money security interest, in the borrower's motor vehicle.".

SB530-AA2,3,5 23. Page 12, line 5: on lines 5 and 8, after "payday" insert "or title".

SB530-AA2,3,6 24. Page 12, line 9: on lines 9 and 23, after "payday" insert "and title".

SB530-AA2,3,7 25. Page 13, line 20: after "payday" insert "or title".

SB530-AA2,3,8 26. Page 15, line 2: after "payday" insert "or title".

SB530-AA2,3,10 27. Page 16, line 17: on lines 17, 18, 20, 22 and 24, after "payday" insert "and title".

SB530-AA2,3,11 28. Page 17, line 1: on lines 1, 3, 5 and 7, after "payday" insert "and title".

SB530-AA2,3,12 29. Page 17, line 4: after "payday" insert "or title".

SB530-AA2,3,13 30. Page 19, line 19: after that line insert:

SB530-AA2,3,15 "(9g) Disclosure requirements. (a) Before any licensee enters into a payday or title loan with an applicant, the licensee shall do all of the following:

SB530-AA2,3,18 1. Disclose to the applicant the total amount of all fees and costs, in dollars, to be paid by the applicant for the loan assuming that the loan is paid in full at the end of the loan term.

SB530-AA2,3,20 2. Disclose to the applicant the annual percentage rate to be paid by the applicant on the loan assuming that the loan is paid in full at the end of the loan term.

SB530-AA2,3,22 3. Provide to the applicant a copy of the written informational materials specified in sub. (9r).

SB530-AA2,4,2 4. Disclose to the applicant that he or she has the right to rescind the loan transaction as provided in sub. (11r).

SB530-AA2,4,4 5. Disclose to the applicant the service charge that may apply under sub. (10) (b) 2.

SB530-AA2,4,6 6. Disclose to the applicant the payment requirements that may apply under sub. (11g) (a) if the loan is not paid in full at the end of the loan term.

SB530-AA2,4,8 (b) A licensee shall retain, for at least 3 years after the origination date of any payday or title loan, a record of compliance with par. (a) with respect to the loan.