Cynthia Soto
- Democratic
Primary
Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36%, that is secured by a post-dated check or motor vehicle title, and that is made by a lender that does not accept insured deposits. Requires lenders to disclose a toll-free telephone number for the Department of Financial Institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle's "blue book" value. Requires lenders to provide debt management counseling information to defaulting borrowers. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Added Chief Co-Sponsor Rep. Eileen Lyons
Fiscal Note Filed
Assigned to Financial Institutions Committee
Filed with the Clerk by Rep. Cynthia Soto
Referred to Rules Committee
First Reading
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