To create the Financial Consumer Education Account. The account would be used by the Department of Financial Institutions for financial consumer education, public service announcements, and financial literacy. The account would be funded through a .25-cent surcharge on each payday loan issued by a payday lender. The surcharge must be paid annually by payday lenders.   Official Text and Analysis.

To reduce the surcharge from $0.25 per loan to $.10 per loan. Funds in the original bill were divided between the Financial Literacy Public Private Partnership and a new account for consumer education. The funds are divided in a different fashion and for different purposes in the substitute bill. The provision regarding a statement from the DFI after an examination or investigation is added.