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2011 SESSION

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SB 751 Motor vehicle title loans; caps interest rate.

Introduced by: Mamie E. Locke | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Motor vehicle title loans; interest rate.  Caps the rate of interest that may be charged on a motor vehicle title loan at 36 percent per year. Currently, interest on such loans may not exceed 22 percent per month on the portion of the outstanding balance of the loan that does not exceed $700; 18 percent per month on the portion between $700 and $1,400; and 15 percent per month on the portion that exceeds $1,400.

FULL TEXT

• 11/17/10  Senate: Prefiled and ordered printed; offered 01/12/11 11100438D  pdf

HISTORY

• 11/17/10  Senate: Prefiled and ordered printed; offered 01/12/11 11100438D
• 11/17/10  Senate: Referred to Committee on Commerce and Labor
• 01/17/11  Senate: Failed to report (defeated) in Commerce and Labor (4-Y 10-N)