SB 647 - Schupp, Jill
Modifies the law relating to consumer credit interest rates
Bill Details
Sponsor
LR Number
4829S.01I
Title
SB 647
House Handler
N/A
Journal Page
Effective Date
Upon voter approval
Current Status
Second Read and Referred S Financial and Governmental Organizations and Elections Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 647 - This act prohibits lenders of consumer credit loans, title loans, consumer installment loans, and unsecured loans of $500 or less (commonly known as payday loans) from contracting for or receiving interest, fees, and finance charges on the unpaid principal balance of a loan in excess of 36%.
Such lenders are prohibited from evading the requirements of this act through any method, including but not limited to mail, telephone, internet, or any electronic means. Such lenders are further subjected to several provisions of current law regulating interest on small loans.
This act contains a referendum clause.
This act is identical to HB 820 (2015).
SCOTT SVAGERA