PAYDAY LOANS DISCLOSE RATES
Synopsis of Bill as introduced:
Amends the Consumer Installment Loan Act. Provides that lenders
that make loans based upon proof of the borrower's continuing
employment or ownership of equity in a motor vehicle and the
borrower's delivery to the lender of a postdated check in an amount
sufficient to repay the loan must deem all fees charged for making the
loan or renewing the loan to be interest for disclosure purposes.
Requires that interest be disclosed in a manner consistent with the
Truth in Lending Act. Limits rollovers of loans to 3 during any
12-month period. Effective immediately.
CORRECTIONAL NOTE (Department of Corrections)
There would be no fiscal or corrections population impact.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status