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2009 SESSION

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HB 1809 Consumer Finance Act; open-end loan plans secured by motor vehicle titles.

Introduced by: Joseph D. Morrissey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Consumer Finance Act; revolving loans; motor vehicle as security.  Makes loans to an individual for personal, family, or household purposes that are secured by a nonpurchase-money security interest in a motor vehicle subject to the provisions of the Consumer Finance Act. Licensees under the Act are prohibited from charging interest of more than 36 percent annually on such loan balances and are required to comply with the existing 25-day grace period. The measure also provides that other types of extensions of credit under an open-end credit or similar plan by a seller or lender, under which interest currently may be charged at any rate on which the parties agree, may be made only by sellers of goods or services or by certain licensed or regulated financial institutions.

FULL TEXT

• 01/12/09  House: Prefiled and ordered printed; offered 01/14/09 098543653  pdf | impact statement

HISTORY

• 01/12/09  House: Prefiled and ordered printed; offered 01/14/09 098543653
• 01/12/09  House: Referred to Committee on Commerce and Labor
• 02/05/09  House: Tabled in Commerce and Labor by voice vote