Amendment AA1-ASA1-AB665

LRBa2250/2

ARG:cjs:jf

2003 - 2004 LEGISLATURE

ASSEMBLY AMENDMENT 1, TO ASSEMBLY SUBSTITUTE AMENDMENT 1, TO 2003 ASSEMBLY BILL 665

March 4, 2004 - Offered by Representative Jeskewitz.

AB665-ASA1-AA1,1,1 At the locations indicated, amend the substitute amendment as follows:

AB665-ASA1-AA1,1,5 1. Page 3, line 13: delete "cancel the transaction, at no cost to the applicant," and substitute "be relieved of all interest, fees, and payment obligations related to the payday loan if the applicant returns the principal amount of the payday loan to the payday loan provider".

AB665-ASA1-AA1,1,6 2. Page 3, line 14: after "day" insert "following the transaction".

AB665-ASA1-AA1,1,8 3. Page 3, line 21: delete " requirements" and substitute "of payment obligations".

AB665-ASA1-AA1,1,9 4. Page 3, line 21: delete "provider shall cancel the".

AB665-ASA1-AA1,2,2 5. Page 3, line 22: delete that line and substitute "applicant shall have no obligation to pay interest and fees related to the applicant's payday loan and shall have no payment obligations related to the payday loan if the applicant returns the principal amount of the payday loan to the payday loan provider at any".

AB665-ASA1-AA1,2,3 6. Page 3, line 23: after "day" insert "following the transaction".

AB665-ASA1-AA1,2,5 7. Page 3, line 25: delete "threaten or pursue criminal action" and substitute "initiate or threaten to initiate criminal prosecution".

AB665-ASA1-AA1,2,8 8. Page 4, line 2: after "transferred." insert "This section does not prohibit a payday loan provider from cooperating in good faith with a law enforcement agency that initiates or prosecutes an independent criminal action against an applicant.".

AB665-ASA1-AA1,2,9 9. Page 4, line 3: delete lines 3 to 5 and substitute:

AB665-ASA1-AA1,2,13 "(b) A payday loan provider may not enter into more than 4 consecutive transactions with an applicant in which the amount financed by the payday loan provider is applied to the outstanding balance on a separate payday loan between the applicant and the payday loan provider.".

AB665-ASA1-AA1,2,15 10. Page 4, line 6: delete "$5,000," and substitute "$5,000 of principal. This $5,000 limit shall be".

AB665-ASA1-AA1,2,17 11. Page 4, line 13: delete "a term of" and substitute "an original scheduled payment date".

AB665-ASA1-AA1,2,18 12. Page 4, line 13: after "days" insert "after the payday loan origination date".

AB665-ASA1-AA1,2,19 13. Page 4, line 14: delete "to ensure the".

AB665-ASA1-AA1,2,20 14. Page 4, line 15: delete that line and substitute "for".

AB665-ASA1-AA1,2,22 15. Page 4, line 16: delete "(2) (b). In addition, the" and substitute "(2) (b) and the adjustment under sub. (5) (c)".

AB665-ASA1-AA1,3,2 16. Page 4, line 17: delete "rules shall prescribe" and substitute "and prescribing".

AB665-ASA1-AA1,3,3 (End)