|HB 0215||Relating to Financial Institutions|
|Sponsor:||LEAKE||Handling House Bill:|
|Last Action:||04/18/95 - Defeated on H Third Reading|
HB0215 Leake, Sam
C O M M I T T E E
HB 215 -- INTEREST ON SMALL LOANS
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