92nd General Assembly
Summary of HB0803
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House Sponsors:

Short description: 
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

           Location: House

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


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