Bill > HB2423

This bill establishes a new "Consumer Licensing Fund" within the state treasury to hold various licensing fees collected by the Division of Finance, which will be used solely for the Division's administrative costs not covered by other specific funds. It also revises existing laws by changing the terminology from "registration" to "licensure" for several types of businesses, including earned wage access services providers, financing institutions, premium finance companies, sales finance companies, consumer credit lenders, title loan companies, credit services organizations, and consumer legal funding companies. Importantly, the bill updates the licensing fee structures for these entities, generally increasing the maximum fees and specifying that these fees will now be deposited into the newly created Consumer Licensing Fund, rather than reverting to the general revenue fund at the end of the fiscal year.