Bill > H0557

This bill amends existing law to require regulated lenders and payday lenders to use an electronic system of licensing. The key provisions include: - Requiring regulated lenders and payday lenders to apply for licenses through an electronic system prescribed by the administrator, rather than in a physical manner. - Updating the qualifications for payday loan licenses, including a focus on the financial responsibility, character, and fitness of the applicant and associated individuals. - Aligning the license renewal deadlines and processes for both regulated lenders and payday lenders to be on or before December 31 each year. - Providing the administrator with the ability to reinstate expired licenses under certain conditions. - Declaring an emergency and setting the effective date of the bill as July 1, 2022.

Business and Industry

Business Committee (H)

https://legislature.idaho.gov/sessioninfo/2022/legislation/H0557/