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2016 SESSION
HB 250 Consumer loans; interest rate limits and lending practices.
Introduced by: J. Randall Minchew | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Consumer loans; interest rate limits and lending practices. Caps the rate of interest that may be charged on motor vehicle title loans, consumer finance company loans, payday loans, and open-end credit plans at 36 percent per year. The measure prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. The measure also prohibits a person making such a loan from (i) conditioning the making of the loan on the consumer's use of preauthorized transfers; (ii) making such a loan pursuant to an agreement under which the consumer permits the lender to access the consumer's account through preauthorized transfers; (iii) using an electronic check conversion transaction as a method of receiving a payment or collecting any amount due in connection with a loan; (iv) making such a loan with terms and conditions that, if the consumer was a covered member of the armed forces or a dependent of such a member, would violate the Military Lending Act; or (v) restricting the authority of the consumer to disclose to any person the provisions of any loan agreement.
FULL TEXT
HISTORY
- 12/30/15 House: Prefiled and ordered printed; offered 01/13/16 16102782D
- 12/30/15 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 (7-Y 0-N)
- 02/16/16 House: Left in Commerce and Labor