Authors: Representative Robert Heaton
Co-authors: Representative Justin Moed, Representative Christina Hale, Representative Woody Burton
Sponsors: Senator Travis Holdman
Makes various changes to the laws concerning: (1) financial institutions; (2) debt management companies; (3) pawnbrokers; (4) money transmitters; (5) check cashers; (6) persons licensed under the Uniform Consumer Credit Code; (7) first lien mortgage lenders; and (8) rental purchase agreements. Provides that a lessor that leases property under rental purchase agreements may, subject to certain conditions, offer for sale to members of the general public at the location where the lessor enters into rental purchase agreements: (1) property and services that were or may be the subject of a rental purchase agreement; and (2) property or services that are unrelated or only partially or indirectly related to the lessor's rental purchase agreement business. Repeals a provision that provides that all debts: (1) owed to certain financial institutions; and (2) on which interest is past due for a period of six months; are bad debts unless, in the opinion of the department of financial institutions, the debts are well secured.