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2016 SESSION
HB 1075 Consumer finance loans; rate of interest.
Introduced by: David E. Yancey | 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 greater 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. The measure does not prohibit the collection of an outstanding loan made prior to the measure's effective date.
FULL TEXT
HISTORY
- 01/13/16 House: Prefiled and ordered printed; offered 01/13/16 16101292D
- 01/13/16 House: Referred to Committee on Commerce and Labor
- 01/26/16 House: Assigned C & L sub: Special Sub-Consumer Lending
- 02/04/16 House: Subcommittee recommends laying on the table (5-Y 2-N)
- 02/16/16 House: Left in Commerce and Labor