Motor vehicle title loans, payday loans, etc.; interest rate. (HB843)

Introduced By

Del. Kathleen Murphy (D-McLean)

Progress

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

Description

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. Read the Bill »

Status

01/21/2020: Incorporated into Another Bill

History

DateAction
01/07/2020Committee
01/07/2020Prefiled and ordered printed; offered 01/08/20 20100824D
01/07/2020Referred to Committee on Labor and Commerce
01/21/2020Incorporated by Labor and Commerce (HB789-Bagby)

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