Introduced
by
To authorize higher license fees and revise the licensure requirements for retail lenders that make relatively small loans to consumers, such as for the purchase or refinancing of automobiles, the purchase of household goods, or cash advances. The bill also removes a $5 limit on the handling fee that licensees may charge for dishonored checks.
Referred to the Committee on Banking and Financial Institutions
Substitute offered
To prohibit a lender licensed under this section from charging a loan processing fee of more than $250, notwithstanding actual market rates.
The substitute passed by voice vote
Passed in the Senate 35 to 0 (details)
Received
To authorize higher license fees and revise the licensure requirements for retail lenders that make relatively small loans to consumers, such as for the purchase or refinancing of automobiles, the purchase of household goods, or cash advances. The bill also removes a $5 limit on the handling fee that licensees may charge for dishonored checks.
Substitute offered
Recommended by the committee which reported it. The substitute further increases the proposed higher license fees, authorizes the state to bring action for false advertising, and clarifies certain consumer disclosure requirements.
The substitute passed by voice vote
Passed in the Senate 22 to 12 (details)
To concur with the House-passed version of the bill.
Received
To authorize higher license fees and revise the licensure requirements for retail lenders that make relatively small loans to consumers, such as for the purchase or refinancing of automobiles, the purchase of household goods, or cash advances. The bill also removes a $5 limit on the handling fee that licensees may charge for dishonored checks, authorizes the state to bring action for false advertising, and clarifies certain consumer disclosure requirements.
To concur with the House-passed version of the bill.
Passed in the House 100 to 0 (details)
To authorize higher license fees and revise the licensure requirements for retail lenders that make relatively small loans to consumers, such as for the purchase or refinancing of automobiles, the purchase of household goods, or cash advances. The bill also removes a $5 limit on the handling fee that licensees may charge for dishonored checks, authorizes the state to bring action for false advertising, and clarifies certain consumer disclosure requirements.
