|SB 0940||Creates new restrictions on payday loans|
|LR Number:||3948L.01I||Fiscal Note:||3948-01|
|Committee:||Financial and Governmental Organization|
|Last Action:||02/04/02 - Hearing Conducted S Financial & Governmental||Journal page:|
|Organizations, Veterans Affairs & Elections Committee|
|Effective Date:||August 28, 2002|
SB 940 - This act limits fees to be charged in payday loans to fifteen dollars per one hundred dollars of principal for the first thirty days and three percent per month for any loan extended beyond thirty days. A return check fee may be charged where cash is advanced in exchange for a personal check.
A payday lender cannot have two outstanding loans to the
same person at any one time. One payday loan cannot be repaid by
the proceeds of another payday loan from the same lender.