SOTO. New Act Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36%. Requires lenders to disclose a toll-free telephone number for the Department of Financial institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle's "blue book" value. Requires lenders to provide debt management counseling information to defaulting borrowers. Effective immediately. FEB-07-2001 H FILED WITH CLERK FEB-07-2001 H FIRST READING FEB-07-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-15-2001 H ASSIGNED TO COMMITTEE CONSUMER PROT MAR-16-2001 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary