92nd General Assembly
Status of HB2531
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 Full Text  Bill Summary
DELGADO-FRITCHEY-SOTO-MILLER-DART, 
   YARBROUGH AND SCHOENBERG.

   New Act                                                                     

        Creates the Short-term Loan Act. Requires applicants  to  provide      
   public notice of the filing of applications for licenses and renewals.      
   Requires a licensee to disclose all fees and interest charges on loans      
   for all durations of loans made by the licensee. Requires licensees to      
   disclose when renewing the license the number of loans made secured by      
   title  to  a  motor  vehicle, the number of vehicle repossessions, the      
   number of loans secured by post-dated checks, and the number of  loans      
   secured  by  post-dated checks that were defaulted. Requires licensees      
   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  licensees  to provide debt management counseling information      
   to defaulting borrowers. Provides that licensees may, but do not  have      
   to,  issue  loan  proceeds by check.  Prohibits additional charges for      
   cashing  instruments  issued  by  the  licensee.  Imposes  limits   on      
   origination  fees  for  loans.   Limits  interest charges to an annual      
   percentage rate not exceeding 40  percentage  points  over  the  prime      
   rate.  Authorizes  a  borrower  to  make  partial payments at any time      
   without charge. Provides that with respect  to  a  check  received  as      
   payment  for  a  loan  that is returned for nonpayment, a licensee may      
   assess a fee only once regardless of  how  many  times  the  check  is      
   redeposited and that the fee is the exclusive charge for late payment.      
   Effective immediately.                                                      
          FISCAL NOTE (Department of Financial Institutions)                   
          HB 2531 would have a fiscal impact of at least $225,000 to           
          cover the cost of putting together a database to collect and         
          store the statistical information coming to the Department.          
          There would also be additional costs from HB 2531 to cover the       
          costs of hearings. The Department estimates $5,000 per hearing,      
          but there is no way to determine the number of hearings that         
          would result from this bill.                                         
        HOUSE AMENDMENT NO. 1.                                                 
        Removes limit on finance charges.   Removes  restriction  against      
   locating  a  licensee  near a college or university.  Reduces from one      
   mile to one-half mile the distance that a licensee  location  must  be      
   from  wagering  facilities.   Provides  that  reports available to the      
   public must be redacted to  protect  competitive  practices  or  trade      
   secrets.  Eliminates criminal penalties for violations.                     
   FEB-26-2001  H  FILED WITH CLERK                                               
   FEB-26-2001  H  ADDED AS A JOINT SPONSOR                 FRITCHEY              
   FEB-26-2001  H  ADDED AS A JOINT SPONSOR                 SOTO                  
   FEB-27-2001  H  FIRST READING                                                  
   FEB-27-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   FEB-28-2001  H       ASSIGNED TO COMMITTEE               JUD-CIVIL LAW         
   FEB-28-2001  H  ADDED AS A JOINT SPONSOR                 MILLER                
   MAR-08-2001  H  DO PASS/SHORT DEBATE                     012-001-000   HJUA    
   MAR-08-2001  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   MAR-09-2001  H  ADDED AS A CO-SPONSOR                    DAVIS,MONIQUE         
   MAR-14-2001  H                     FISCAL NOTE REQUESTED BLACK                 
   MAR-14-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   MAR-21-2001  H                         FISCAL NOTE FILED                       
   MAR-21-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   MAR-21-2001  H  ADDED AS A CO-SPONSOR                    YARBROUGH             
   MAR-22-2001  H  ADDED AS A CO-SPONSOR                    SCHOENBERG            
   MAR-28-2001  H                             AMENDMENT NO. 01-DART               
   MAR-28-2001  H                     AMENDMENT REFERRED TO HRUL                  
   MAR-28-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   APR-02-2001  H                             AMENDMENT NO. 01-DART               
   APR-02-2001  H                           RULES REFERS TO HJUA                  
   APR-02-2001  H  CALENDAR ORDER 2ND READING-SHORT DEBATE                        
   APR-03-2001  H                             AMENDMENT NO. 01-DART               
   APR-03-2001  H  RECOMMENDS BE ADOPTED                    HJUA/010-000-000      
   APR-03-2001  H  SECOND READING-SHORT DEBATE                                    
   APR-03-2001  H                             AMENDMENT NO. 01-DART               
   APR-03-2001  H                                   ADOPTED                       
   APR-03-2001  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   APR-04-2001  H  PRIMARY SPONSOR CHANGED TO               DELGADO               
   APR-04-2001  H  JOINT-SPONSOR CHANGED TO                 DART                  
   APR-05-2001  H  THIRD READING/SHORT DEBATE/LOST          059-042-013           

   END OF INQUIRY 



 Full Text  Bill Summary