Relating to: payday loans. (FE)

AB 764 reforms payday loan regulations in the state. It defines "payday loan" as short-term, unsecured loans with terms under six months and requires lenders to verify borrowers' repayment ability before issuing loans. The bill caps total debt from all lenders at $1,500 or 35% of a borrower's monthly income, bans loans with maturity dates under 90 days, and mandates that all loans use precomputed interest (interest calculated upfront). These changes directly affect payday lenders and borrowers by imposing new underwriting standards, debt limits, and loan term requirements.