Finance
Deferred deposit transactions: assessments
Payday-loan licensees must receive itemized calculations for their annual regulatory assessments.
The law makes the Department of Financial Protection and Innovation's assessment charges more transparent by showing how each licensee's bill was calculated.
What the law does
- Requires each invoice or assessment notice to show the pro rata calculation for the amount due.
- Requires separate line items for program costs, any program deficit, statewide deferred-deposit transaction volume, the licensee's transaction volume, and its number of licensed locations.
Who it affects
- Licensed deferred-deposit transaction providers.
- The Commissioner of Financial Protection and Innovation.