SB 1021: Modifies provisions relating to the Division of Finance

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

SB 1021 - This act modifies provisions relating to the Division of Finance. This act creates the Consumer Licensing Fund. The fund is to consist of those fees charged for licensure by the Division of Finance. The fund is to be used for all costs incurred by the Director of the Division in administering the provisions of law assigned to the Division. The act additionally modifies the fees charged for various entities regulated by the Division, including entities applying for licensure in the areas of earned wage access services, financing institutions, premium finance companies, sales finance companies, entities engaged in small loans, credit service organizations, and consumer legal funding companies. At the time of filing an application for licensure as one of the aforementioned entities, the applicant shall pay a licensing fee, to be determined by the Director from time to time, not to exceed $5,000 and a fee for each additional location where such applicant conducts business, to be determined by the Director from time to time, not to exceed $1,000. Applicants who have not exceeded 100 active accounts at any point in the previous licensing year, shall pay a licensing fee, to be determined by the Director from time to time, not to exceed $1,000 and a fee for each additional location where such applicant conducts business, to be determined by the Director from time to time, not to exceed $1,000. All license fees paid pursuant to this act shall be credited to the Consumer Licensing Fund. Several entities regulated by the Division of Finance are required by current law to register with the Division and pay a fee upon doing so. This act changes the terminology for such entities to require instead to be "licensed." This change applies to entities applying for licensure in the areas of earned wage access services, financing institutions, premium finance companies, sales finance companies, entities engaged in small loans, credit service organizations, and consumer legal funding companies. The act increases from $400 to $1,000 the fee that the Division may charge a credit service organization for filing a registration statement. This act is substantially similar to the truly agreed to SS/HB 2423 (2026). SCOTT SVAGERA

Sponsors

Sponsors by party (alphabetical): Republican 1

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. March 10, 2026Voted Do Pass S Insurance and Banking Committee
2. March 3, 2026Hearing Conducted S Insurance and Banking Committee
3. January 15, 2026Second Read and Referred S Insurance and Banking Committee
4. January 7, 2026S First Read
5. December 1, 2025Prefiled