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2001 SESSION

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SB 1079 Financial institutions; interest and loan limits.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Charges on installment loans. Permits banks and savings institutions to impose finance charges and other charges and fees on installment loans at such rates and in such amounts as the borrower may agree.

SUMMARY AS PASSED SENATE:

Financial institutions; interest and loan limits. Prohibits borrowers from availing themselves of statutes relating to usury or case law to avoid obligations under loans made by banks, savings institutions, and credit unions, regardless of the principal amount of the loan. Currently, a borrower is barred from availing himself of usury laws to avoid payments only if the initial principal amount of the loan is $5,000 or more. The amendments do not apply to loans made by industrial loan associations.

SUMMARY AS INTRODUCED:

Financial institutions; interest and loan limits. Prohibits borrowers from availing themselves of statutes relating to usury or case law to avoid obligations under loans made by banks, savings institutions, industrial loan associations and credit unions, regardless of the principal amount of the loan. Currently, a borrower is barred from availing himself of usury laws to avoid payments only if the initial principal amount of the loan is $5,000 or more.