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2002 SESSION
HB 940 Payday lending; usury, penalties.
Introduced by: Harvey B. Morgan | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Payday lending; usury; penalties. Establishes requirements for the conduct of payday lending. A "payday loan" is a transaction where the lender (i) accepts a check or similar instrument from the borrower; (ii) agrees to hold the check for a period of time prior to negotiation or presentment; and (iii) gives the borrower the amount of the check less the permitted interest charge. If the borrower does not pay the loan by the due date, the lender may obtain repayment by cashing the borrower's check. The measure caps the fee that a payday lender may charge at $15 per $100 advanced to the borrower. The minimum term is 7 days. Lenders are prohibited from renewing or "rolling over" such loans. Payday lenders are required to be licensed with the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violators are subject to civil and criminal penalties. Making unlicensed loans, or arranging or brokering payday loans, is punishable as a Class 6 felony.
FULL TEXT
- 01/09/02 House: Presented & ordered printed, prefiled 01/09/02 025405856 pdf | impact statements
- 03/08/02 House: Bill text as passed House and Senate (HB940ER) pdf | impact statement
- 05/17/02 Governor: Acts of Assembly Chapter text (CHAP0897) pdf
AMENDMENTS
HISTORY
- 01/09/02 House: Presented & ordered printed, prefiled 01/09/02 025405856
- 01/09/02 House: Referred to Committee on Commerce and Labor
- 01/29/02 House: Reported from Commerce and Labor (15-Y 7-N)
- 01/31/02 House: Read first time
- 02/01/02 House: Passed by for the day
- 02/04/02 House: Read second time
- 02/04/02 House: Amendment by Del. Hull rejected
- 02/04/02 House: Engrossed by House
- 02/05/02 House: Read third time and passed House (73-Y 27-N)
- 02/05/02 House: VOTE: PASSAGE (73-Y 27-N)
- 02/05/02 House: Communicated to Senate
- 02/06/02 Senate: Constitutional reading dispensed
- 02/06/02 Senate: Referred to Committee on Commerce and Labor
- 02/25/02 Senate: Reported from Commerce and Labor (11-Y 2-N)
- 02/27/02 Senate: Const. reading disp., passed by for the day (39-Y 0-N)
- 02/27/02 Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
- 02/28/02 Senate: Read third time
- 02/28/02 Senate: Reading of amendment waived
- 02/28/02 Senate: Amendment by Sen. Bryne rejected
- 02/28/02 Senate: Passed by for the day
- 03/01/02 Senate: Passed by for the day
- 03/04/02 Senate: Read third time
- 03/04/02 Senate: Passed Senate (32-Y 6-N 1-A)
- 03/04/02 Senate: VOTE: PASSAGE (32-Y 6-N 1-A)
- 03/04/02 Senate: Rec. of Sen. passage agreed to by Senate (40-Y 0-N)
- 03/04/02 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 03/04/02 Senate: Passed Senate (32-Y 5-N 1-A)
- 03/04/02 Senate: VOTE: PASSAGE (32-Y 5-N 1-A)
- 03/08/02 House: Bill text as passed House and Senate (HB940ER)
- 03/09/02 House: Enrolled
- 03/09/02 House: Signed by Speaker
- 03/09/02 Senate: Signed by President
- 04/08/02 House: Governor's recommendation received by House
- 04/17/02 House: Placed on Calendar
- 04/17/02 House: House rejected Gov's recommendation (24-Y 76-N)
- 04/17/02 House: VOTE: REJECTED (24-Y 76-N)
- 04/17/02 House: Communicated to Governor
- 05/17/02 Governor: Approved by Governor-Chapter 897 (effective 7/1/02)
- 05/17/02 Governor: Acts of Assembly Chapter text (CHAP0897)