Motor vehicle title loans, payday loans, etc.; interest rate.

Motor vehicle title loans, payday loans, consumerfinance loans, and open-end credit plans; interest rate. Capsthe rate of interest that may be charged on motor vehicle title loans,payday loans, and open-end credit plans at 36 percent per year. Thebill prohibits a lender from charging a membership fee, participationfee, or transaction fee in connection with any such extension ofcredit. The bill also caps the maximum rate of interest that a licensedconsumer finance company may charge on any loan at 36 percent annuallyand eliminates the existing provision that permits such licenseesto charge any agreed-upon amount of interest on consumer financeloans over $2,500.