Bill
Bill > HB4116
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/19/2026
02/19/2026
Crossed Over
02/19/2026
02/19/2026
Passed
Dead
Introduced Session
Potential new amendment
2026 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: Sets up a task force to look at issues related to short-term loans in this state. (Flesch Readability Score: 84.8). Digest: Declares that this state does not want a certain federal law to apply to consumer finance loans made in this state. Says who the laws that govern consumer finance loans in this state apply to and when. Says what needs to be in an application for a license to make consumer finance loans in this state. (Flesch Readability Score: 73.0). Declares that this state does not want the amendments set forth in section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 to apply to consumer finance loans made in this state. Specifies persons to whom the consumer finance laws of this state apply and circumstances in which the laws apply. Specifies the requirements for an application for a license to make consumer finance loans in this state. Establishes the Task Force on Equitable Access to Short-Term Financial Products. Specifies the membership of the task force. Requires the task force to study specific issues related to state resident access to short-term loans. Sunsets on December 31, 2027. Takes effect on the 91st day following adjournment sine die.
AI Summary
This bill modifies existing state laws regarding consumer finance loans, specifically by clarifying which loans are subject to state regulation, updating licensing requirements for lenders, and establishing a task force to study short-term financial products. It explicitly states that the state does not want certain federal amendments from the Depository Institutions Deregulation and Monetary Control Act of 1980 to apply to consumer finance loans made within the state, and it defines when state laws apply to loans based on where the consumer is located and how the transaction occurs, particularly for loans of $50,000 or less. The bill also updates the application process for a consumer finance license, requiring more detailed personal information, a unique identifier from the Nationwide Mortgage Licensing System and Registry, and consent for background checks, including credit reports and information on legal proceedings. Additionally, a new Task Force on Equitable Access to Short-Term Financial Products will be created to examine issues related to state residents' access to short-term loans, with its work concluding on December 31, 2027. The changes to these laws will take effect 91 days after the legislative session concludes.
Committee Categories
Business and Industry
Sponsors (24)
Tom Andersen (D)*,
Ben Bowman (D)*,
Wlnsvey Campos (D)*,
Jeff Golden (D)*,
Courtney Neron Misslin (D)*,
Deb Patterson (D)*,
Floyd Prozanski (D)*,
Nathan Sosa (D)*,
Lamar Wise (D)*,
Farrah Chaichi (D),
Lew Frederick (D),
Mark Gamba (D),
David Gomberg (D),
Ken Helm (D),
Zach Hudson (D),
Kayse Jama (D),
Susan McLain (D),
Lesly Muñoz (D),
Nancy Nathanson (D),
Travis Nelson (D),
Katherine Pham (D),
Janeen Sollman (D),
Thuy Tran (D),
Jules Walters (D),
Last Action
Public Hearing and Work Session held. (on 02/25/2026)
Official Document
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