❌ SB269
Revise the Small Loan Act
Current Status: In Senate Committee (Financial Institutions, Insurance and Technology)
Summary
The bill revises the Small Loan Act by amending sections related to the licensing of lenders who engage in the business of lending amounts of five thousand dollars or less. It establishes requirements for obtaining a license, outlines exemptions for certain entities, and specifies penalties for violations, including voiding contracts that do not comply with the law.
Rationale
The bill imposes licensing requirements and regulations on small loan lenders, which conflicts with the Libertarian principles of minimal government intervention in economic activities and the freedom to contract. Both the LP and LPO platforms advocate for free markets and oppose government restrictions that infringe on individual rights and economic liberty.
Risks and Concerns
- Increased government control over financial transactions
- Potential for reduced access to small loans for individuals
- Encouragement of cronyism through regulatory capture