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SB 254 - Currently, for loans for 30 days or longer other than open-end credit, lenders may charge a fee not to exceed 5% of the principal amount not to exceed $75. This act raises the fee to 10% and $100 respectively. Currently, for an open-end credit contract that provides for open-end credit loans of 31 days or longer, the lender may charge a credit advance fee of the lesser of $25 or 5% of the credit advanced from the line of credit. This act raises the fee to $100 and 10% respectively. This act is identical to HB 176 (2013). CHRIS HOGERTY
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