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2020 SESSION
HB 843 Motor vehicle title loans, payday loans, etc.; interest rate.
Introduced by: Kathleen Murphy | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Motor vehicle title loans, payday loans, consumer finance loans, and open-end credit plans; interest rate. Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at 36 percent per year. The bill prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. The bill also caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually and eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500.
FULL TEXT
HISTORY
- 01/07/20 House: Prefiled and ordered printed; offered 01/08/20 20100824D
- 01/07/20 House: Referred to Committee on Labor and Commerce
- 01/21/20 House: Incorporated by Labor and Commerce (HB789-Bagby) by voice vote