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2011 SESSION

• | print version

SB 250 Open-end credit plan loans; established, penalties.

Introduced by: W. Roscoe Reynolds | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Open-end credit plan loans; penalties.  Establishes requirements for open-end credit plan loans that track many of the provisions of the payday Loan Act. Currently, lenders and sellers making open-end loans are not required to be licensed and may charge interest at any rate agreed to by the borrower if the balance is not repaid in full within a 25-day grace period. Under this measure, the maximum amount of an open-end credit plan loan is $500. Interest may not exceed an annual rate of 36 percent, plus a loan fee of 20 percent of the initial advance and a $5 verification fee. The maximum term of a revolving loan agreement is 24 months. Open-end credit plan lenders are required to be licensed by the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violations are subject to civil and criminal penalties.

FULL TEXT

• 01/12/10  Senate: Prefiled and ordered printed; offered 01/13/10 10101636D  pdf | impact statement

HISTORY

• 01/12/10  Senate: Prefiled and ordered printed; offered 01/13/10 10101636D
• 01/12/10  Senate: Referred to Committee on Commerce and Labor
• 02/15/10  Senate: Continued to 2011 in Commerce and Labor (15-Y 0-N)
• 12/02/10  Senate: Left in Commerce and Labor