PAYDAY LOANS DISCLOSE RATES
Summary
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.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2003
Committee Review
Floor Vote
Governor
Introduced Feb 21, 2003
Last action Jan 11, 2005
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Mar 13, 2003
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Feb 26, 2003
Committee
Assigned to Financial Institutions Committee
lower
Feb 21, 2003
Committee
Referred to Rules Committee
lower
0 primary · 1 co-sponsor
Sponsors
No sponsor information available.
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