SB 0138 Lowers the maximum penalties consumers must pay for late payments on certain credit transactions
LR Number:0136S.01I Fiscal Note:0136-01
Committee:Financial and Governmental Organization, Veterans' Affairs & Elections
Last Action:01/14/03 - Second Read and Referred S Financial & Governmental Journal page:S76
Organization, Veterans' Affairs & Elections Committee
Effective Date:August 28, 2003
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Current Bill Summary

SB 138 - This act modifies the maximum penalties a consumer must pay for late payments on certain credit transactions. Under the act, a lender may charge a late payment of 2% of the minimum payment due or $15, whichever is less, on a small loan payment which is fifteen days or more in default.

This act also modifies the late charge on retail credit sales. Under the act, the maximum late charge that can be charged is $5 (reduced from $10) or $2 (reduced from $5) when the monthly installment due is less than $25.

This act is similar to SB 1079 (2002).