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2007 SESSION

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HB 1813 Payday Loan Act; SCC to contract with third party to develop Internet accessible database.

Introduced by: Rosalyn R. Dance | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Payday Loan Act.  Requires the State Corporation Commission, on or before July 1, 2008, to contract with a third party to establish and administer a database with real-time access through an Internet connection to ensure compliance with the Payday Loan Act. Lenders are prohibited from making a payday loan unless they have obtained information from the database, or other permitted verification source, that the borrower does not have two or more outstanding payday loans from one or more lenders. The maximum fee that may be charged in a payday loan is reduced from 15 percent to 7.5 percent of the amount advanced. This bill has been incorporated into HB 2563.

FULL TEXT

• 12/29/06  House: Prefiled and ordered printed; offered 01/10/07 075168286  pdf | impact statement

HISTORY

• 12/29/06  House: Prefiled and ordered printed; offered 01/10/07 075168286
• 12/29/06  House: Referred to Committee on Commerce and Labor
• 01/23/07  House: Assigned C & L sub: Financial Institutions (Dudley)
• 01/30/07  House: Incorporated by Commerce and Labor (HB2563-Ware, R.L.) by voice vote