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

     Handler: Dolan

Current Bill Summary

- Prepared by Senate Research -


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


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