Updating Credit Services Act - Assess ability to repay
April 25, 2018 02:15 PM to All House Members
Circulated By
Representative Doyle Heffley
R House District 122
Memo
In the near future, I will be introducing legislation that makes the Credit Services Act consistent with the Small Dollar Rule of the Consumer Financial Protection Bureau. This amendment requires credit service organizations to assess a buyer’s ability to repay the extension of credit and clarifies that service fees and interest be completely and accurately disclosed.
The Credit Services Act was enacted in 1992. It allows credit service providers to offer credit services to customers, prohibits charging and collecting of advanced fees, permits fees to be charged and collected only after services have been provided and prohibits certain activities.
Technology has advanced and the marketplace has changed. Pennsylvania lags behind other states due to the ambiguity of the statute.
This legislation clarifies that service fees may be charged and collected in accordance with the statute and clarifies that the fees, interest and payment schedule be completely and accurately disclosed. This strengthens consumer protections in the statute by requiring that the credit service organization assess the customer’s ability to repay the extension of credit.
Please join me in cosponsoring this legislation.
The Credit Services Act was enacted in 1992. It allows credit service providers to offer credit services to customers, prohibits charging and collecting of advanced fees, permits fees to be charged and collected only after services have been provided and prohibits certain activities.
Technology has advanced and the marketplace has changed. Pennsylvania lags behind other states due to the ambiguity of the statute.
This legislation clarifies that service fees may be charged and collected in accordance with the statute and clarifies that the fees, interest and payment schedule be completely and accurately disclosed. This strengthens consumer protections in the statute by requiring that the credit service organization assess the customer’s ability to repay the extension of credit.
Please join me in cosponsoring this legislation.
Legislation
Document - Introduced as HB 2429
Updating Credit Services Act - Assess ability to repay
April 25, 2018 02:15 PM to All House Members
Circulated By
HEFFLEY
Memo
In the near future, I will be introducing legislation that makes the Credit Services Act consistent with the Small Dollar Rule of the Consumer Financial Protection Bureau. This amendment requires credit service organizations to assess a buyer’s ability to repay the extension of credit and clarifies that service fees and interest be completely and accurately disclosed.
The Credit Services Act was enacted in 1992. It allows credit service providers to offer credit services to customers, prohibits charging and collecting of advanced fees, permits fees to be charged and collected only after services have been provided and prohibits certain activities.
Technology has advanced and the marketplace has changed. Pennsylvania lags behind other states due to the ambiguity of the statute.
This legislation clarifies that service fees may be charged and collected in accordance with the statute and clarifies that the fees, interest and payment schedule be completely and accurately disclosed. This strengthens consumer protections in the statute by requiring that the credit service organization assess the customer’s ability to repay the extension of credit.
Please join me in cosponsoring this legislation.
The Credit Services Act was enacted in 1992. It allows credit service providers to offer credit services to customers, prohibits charging and collecting of advanced fees, permits fees to be charged and collected only after services have been provided and prohibits certain activities.
Technology has advanced and the marketplace has changed. Pennsylvania lags behind other states due to the ambiguity of the statute.
This legislation clarifies that service fees may be charged and collected in accordance with the statute and clarifies that the fees, interest and payment schedule be completely and accurately disclosed. This strengthens consumer protections in the statute by requiring that the credit service organization assess the customer’s ability to repay the extension of credit.
Please join me in cosponsoring this legislation.
Document
Introduced as HB 2429
Generated 05/20/2025 10:52 PM