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Australia Pay Day Loan Laws and Legislation

Australian Legislation

The following information is presented as a courtesy only. It may be dated This material must be considered as a starting point only. YOU must perform your Due Diligence! Some links may be "dead". NOTE: If your state or country is not included in our list, it simply means we have not yet located the appropriate web site. If you have a web site link that you feel should be included here, PLEASE email us and we will be very happy to add it.
For a more thorough discussion of payday loan and cash advance laws & legislation, visit:

These links open a NEW BROWSER WINDOW. After reviewing, close the new window to return to Affordable Payday Loans and Paycheck Advances

Payday lending is regulated in South Australia under the Consumer Credit Code, which is national legislation regulating consumer credit providers generally. The Credit Code provides important protections for borrowers including requirements for payday lenders to disclose the cost and terms of loans and allowing borrowers to challenge unjust loans in the courts. However, the Government is concerned that these protections do not go far enough in protecting consumers from payday loans and is examining options for further action that could be taken in South Australia, in addition to the national legislation, to protect consumers.

In the meantime there are things that you can do to ensure that you don't get trapped.

Alternative sources of financial assistance

Features of payday lending
These are some of the common features of payday loans:
* loans tend to be for a fixed fee rather than at an interest rate
* loans are usually for a period of 7 to 62 days
* the average amount of a payday loan is $250
* the most common form of repayment is a direct debit arrangement authorised by the borrower
* some payday lenders require security over goods that the borrower owns, e.g. a motor vehicle or furniture
* payday lenders will often roll over loans for a further period for an additional fee resulting in an escalating debt
* payday lenders may charge fees that would be equivalent to very high annual interest rates.

Problems with payday lending
There are widespread community concerns about payday lending. In-depth research summarised the problems as follows:
* Payday lenders may charge high rates with effective interest charges as high as 1300% per annum.
* Payday lenders' clients are generally low-income consumers.
* The rolling over of payday loans leads to a rapidly growing debt that consumers may find difficult to repay.
* Lenders who require direct debit as a form of payment guarantee have priority access to the income of consumers, leaving them exposed to other financial difficulties.

Some payday lenders appear to lend to people who simply do not have the capacity to repay the loan, or not without hardship.OCBA is aware of recent increases in the number of people on Centrelink benefits who are giving direct debit authorities to payday lenders. This would suggest that some people are being left with insufficient income for basic living expenses.

AL - This links to the Alabama Legislation Website
Ark. - This links to the Arkansas Legislation Website

Arizona - This links to the Arizona Legislation Website. Start your search for Bill#SB1078

This links directly to the California's Legislation Website. This is existing legislation that governs Payday Advances.
SB834This links directly to the California's Legislation Website. This is proposed legislation (as of 4/19/99) and was introduced 2/25/99.          AB425
This links directly to the California's Legislation Website. This is proposed legislation (as of 4/19/99) and was introduced 2/12/99.  It was amended 3/24/99 .

CO This links directly to Colorado State's Uniform Consumer Credit Code Section
          UCCC Home Page
(Licensing Requirements, Application, Proposed Rules)
License Revoked in Canon City July 97

FL - This links to the Florida State Website.

GA - Pawnbroker Regulation
          Consumer Credit Disclosure
ID - This links directly to Idaho State's Website

IL - This links to Illinois State's Website
A Payday Loan report by the State of IL

IN - This links directly to the Indiana State's Website.
License Application This link is to the State of Indiana License Application for Check Casher/Payday Advance.
Payday LendersLinks to a list of payday lenders in Indiana.
KS - This links directly to Kansas State's Website. They moved the direct link! We are searching!!
This links directly to the Louisiana Legislation Website
The State of Louisiana has killed SB 132. This is the bill that would of put payday loan companies out of business. No bill is expected to pass in LA.

MN - This links directly to Minnesota State's Website.
MO House - This links directly to Missouri State's Website.

MO Senate - This links directly to Missouri State's Website.
04/28/99 - Mississippi has passed HB 821 which has been enacted and signed by the Governor.
MS - This links directly to the Mississippi Legislation Website.  Do your searches on HB 821.
NEW   NY    This links directly to the State of New York Banking Department Policy Statement
NC - This links directly to the North Carolina Legislation Website.

- The Nevada’s Check Cashing and Deferred Deposit industry is regulated by the Financial Institution Division of the state of Nevada under N.R.S. 604. Every company desiring a presence in the State of Nevada must register with the State in accordance with the regulation.
NV - This links directly to Nevada State's Website


1. Effective Rate: $15.00 per $100.00
2. Maximum Contract: $500.00
3. Min/Max Duration: 1 Day to 6 Months
4. Only 1 loan at a time to a customer
5. No Rollover allowed
6. Must wait 1 business day to make a new loan after payoff (Cool Off Period)
7. Full Truth in Lending Disclosure required
8. NSF Fee = $20.00 plus Bank Charge, Maximum $25.00
9. No Additional Late Fees or Interest
10. Must have a license as a Check Casher and have a minimum $100,000 net worth.
OH - This links directly to the Ohio Legislative search page. Search on Revised Code 1321!

OR - This links directly to Oregon State's Website. All I have heard so far is that you have to be licensed as a Financial Institution.

Summary So. Carolina

Please note that the date of the entry is when it was placed on this site...not necessarily when it actually happened!
04/30/99 - Title Lenders Act (SB 661) and Deferred Presentment Bill (SB 434) as of late have become fairly active. SB 661 has been made "Special Order," and SB 434 has passed the Senate and is off to the house.
04/28/99 - Title Lenders Act (SB 661) caps interest as follows:
$100 - 22.5% or $22.50 for 30 days
$200 - 19% or $37.50 for 30 days
$300 - 16% or $47.50 for 30 days
$400 - 14% or $57.50 for 30 days
and so on...This bill has been made "Special Order" by the SC Senate on 4/27/99.

SC - This links directly to the South Carolina Legislation search page.  Do your search on SB 661.
TN This links directly to the Tennessee Legislation Website.
American Collectors Assoc. - This links directly to the The American Collectors Association Website. Excellent resource for collection activities relevant to the Payday Advance Business

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