SB 0940 Creates new restrictions on payday loans
Sponsor:Wiggins Co-Sponsor(s)
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
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Current Bill Summary

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.