HB 0215 Relating to Financial Institutions
Sponsor:LEAKE Handling House Bill:
Committee:BAFI LR Number:L0447.01P
Last Action:04/18/95 - Defeated on H Third Reading
Title:
Effective Date:
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Current Bill Summary

HB0215 Leake, Sam

C O M M I T T E E

HB 215 -- INTEREST ON SMALL LOANS

SPONSOR: Leake

COMMITTEE ACTION: Voted "do pass" by the Committee on Banks and Financial Institutions by a vote of 26 to 0.

This bill changes the amount of the unpaid principal balance on which interest may be received on small loans from $1,200 to $2,000.

FISCAL NOTE: No impact on state funds.

PROPONENTS: Supporters say that the majority of small loans are more than $1200 and this bill upgrades the statutes to keep pace with the marketplace.

Testifying for the bill were Representative Leake; and Beneficial Financial Services Group.

OPPONENTS: There was no opposition voiced to the committee.

Bob Dominique, Research Analyst