90th General Assembly
Summary of HB1412
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House Sponsors:

Senate Sponsors:

Short description: 
UCC-SECURED CREDITOR LIABILTY                                              

Synopsis of Bill as introduced:
        Amends the Secured Transactions Article of the Uniform Commercial      
   Code.  In  provisions giving the debtor a right to recover  an  amount      
   not  less  than  the  credit  service charge plus 10% of the principal      
   amount of the debt or the time price differential plus 10% of the cash      
   price if the collateral is consumer goods and the secured party is not      
   proceeding  in  accordance  with  this   Article   regarding   secured      
   transactions,  provides  that  the debtor can recover in an individual      
   action.  Effective immediately.                                             
          FISCAL NOTE (DCCA)                                                   
          HB 1412  does not impose any requirements on and does not have       
          a fiscal impact on units of local government.                        
          STATE MANDATES FISCAL NOTE                                           
          HB 1412 fails to create a State mandate.                             
          FISCAL NOTE (Dpt. Financial Institutions)                            
          HB1412 would have no fiscal impact on the Department.                
          JUDICIAL NOTE                                                        
          The bill would not either decrease or increase the need for          
          the number of judges in the state.                                   
Last action on Bill: PUBLIC ACT.............................. 90-0214

   Last action date: 97-07-25

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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