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SB33

Consumer finance companies; loans, licensing.

Status:
Killed

Latest Action: Feb. 12, 2020
Senate: Left in Commerce and Labor

Chief Patron:
Scott Surovell (D)

Session:
2020 Regular Session

Summary

As introduced. Consumer finance companies.

Requires the State Corporation Commission, as a condition of licensing a consumer finance company, to find that the applicant will not make consumer finance loans at the same location at which the applicant makes payday loans or motor vehicle title loans. The measure also (i) sets the minimum and maximum amounts of a consumer finance loan at $500 and $35,000, respectively; (ii) requires that such loans be installment loans with a term that is not less than six months nor more than 120 months; (iii) sets the maximum annual interest rate on such loans at 36 percent; (iv) authorizes late payment fees of $20, provided that they are set forth in a contract; (v) authorizes loan processing fees of the greater of $75 or five percent of the principal amount of the loan but not to exceed $150; and (vi) increases from $15 to $25 the amount of a bad check fee. (Less)
  • Bill History

  • 11/18/2019 - Senate: Prefiled and ordered printed; offered 01/08/20 20101103D
  • 11/18/2019 - Senate: Referred to Committee on Commerce and Labor
  • 01/07/2020 - Senate: Impact statement from SCC (SB33)
  • 02/09/2020 - Senate: Reported from Commerce and Labor with substitute (9-Y 6-N)
  • 02/09/2020 - Senate: Committee substitute printed 20104525D-S1
  • 02/10/2020 - Senate: Constitutional reading dispensed (39-Y 0-N)
  • 02/11/2020 - Senate: Read second time
  • 02/11/2020 - Senate: Passed by temporarily
  • 02/11/2020 - Senate: Motion to recommit to committee agreed to
  • 02/11/2020 - Senate: Recommitted to Commerce and Labor
  • 02/12/2020 - Senate: Left in Commerce and Labor
  • 02/12/2020 - Senate: Impact statement from SCC (SB33S1)