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2020 SESSION

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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.


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