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2011 SESSION

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HB 2228 Open-end credit plans; prohibits anyone other than seller of certain goods from extending credit.

Introduced by: John M. O'Bannon, III | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Open-end credit plans.  Prohibits anyone other than the seller of goods to be used for personal, family, or household purposes from extending credit under an open-end plan at interest rates that exceed the legal rate of interest. To extend credit under such a plan, the loan must be for the sole purpose of financing the bona fide purchase price of such goods.


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