AN ACT REQUIRING CERTAIN PROVIDERS OF SHORT-TERM INSTALLMENT LOANS TO BE LICENSED.

HB 5501 requires providers of short-term installment loans that charge no interest if paid within a specific timeframe to obtain a state license. This directly affects lenders offering these specific no-interest short-term loans, which are often marketed as quick cash solutions. The key provision mandates that these lenders must apply for and maintain a state-issued license before offering such loans. The bill creates a regulatory requirement for these providers, aiming to establish oversight without altering the no-interest terms for early repayment.