SB 254 Raises the fees a lender can charge for certain loans
Sponsor: Pearce
LR Number: 1380S.02T Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 7/12/2013 - Signed by Governor Journal Page: S2476
Title: SCS SB 254 Calendar Position:
Effective Date: August 28, 2013
House Handler: Crawford

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Current Bill Summary

SCS/SB 254 - 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 $75 and 10% respectively.

This act is similar to HB 176 (2013).