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2016 SESSION
SB 164 Consumer finance loans; rate of interest.
Introduced by: Scott A. Surovell | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure also limits the late charge that a licensee may charge to the lesser of $20 or five percent of the unpaid installment. Currently, such late charges may not exceed five percent of the unpaid installment. Finally, the measure extends the grace period that must elapse before a late charge may be assessed from seven to 10 calendar days.
FULL TEXT
- 12/30/15 Senate: Prefiled and ordered printed; offered 01/13/16 16100726D pdf | impact statement
- 01/25/16 Senate: Committee substitute printed to Web only 16104729D-S1 pdf | impact statement
HISTORY
- 12/30/15 Senate: Prefiled and ordered printed; offered 01/13/16 16100726D
- 12/30/15 Senate: Referred to Committee on Commerce and Labor
- 01/25/16 Senate: Committee substitute printed to Web only 16104729D-S1
- 01/25/16 Senate: Incorporates SB623
- 01/25/16 Senate: Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A)