Consumer finance loans; rate of interest. (SB623)

Introduced By

Sen. Mamie Locke (D-Hampton)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. Read the Bill »

Status

01/25/2016: Incorporated into Another Bill

History

DateAction
01/15/2016Presented and ordered printed 16103452D
01/15/2016Referred to Committee on Commerce and Labor
01/19/2016Impact statement from SCC (SB623)
01/25/2016Incorporated by Commerce and Labor (SB164-Surovell) (13-Y 0-N) (see vote tally)