HB 248 Allows lenders of motor vehicle time sale loans to collect a fee in advance for permitting the debtor to defer monthly loan payments
Sponsor: Dolan
LR Number: 1009L.01T Fiscal Note: 1009-01
Committee: Financial & Governmental Organizations and Elections
Last Action: 6/22/2005 - Signed by Governor Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2005
House Handler: Pearce

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Current Bill Summary


HB 248 - This act allows lenders of motor vehicle time sale loans to collect a fee in advance for permitting the debtor to defer monthly loan payments on loans of $600 or more, provided the debtor agrees in writing. The cannot be greater than the lesser of $50 or 10% of the payments deferred. A minimum fee of $25 is permitted. If an extension is made, the debtor must pay a monthly payment before any further extensions are permitted. The original loan terms must remain the same. This act does not apply to pre-computed loans.

JIM ERTLE