Payday Loan Act; SCC to contract with third party to develop Internet accessible database. (HB1813)
Introduced By
Progress
✓ |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Payday Loan Act. Requires the State Corporation Commission, on or before July 1, 2008, to contract with a third party to establish and administer a database with real-time access through an Internet connection to ensure compliance with the Payday Loan Act. Lenders are prohibited from making a payday loan unless they have obtained information from the database, or other permitted verification source, that the borrower does not have two or more outstanding payday loans from one or more lenders. The maximum fee that may be charged in a payday loan is reduced from 15 percent to 7.5 percent of the amount advanced. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
12/29/2006 | Committee |
12/29/2006 | Prefiled and ordered printed; offered 01/10/07 075168286 |
12/29/2006 | Referred to Committee on Commerce and Labor |
01/16/2007 | Impact statement from SCC (HB1813) |
01/23/2007 | Assigned C & L sub: Financial Institutions (Dudley) |