Bob Rita
- Democratic
- Representative
- District 28
Primary
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.
No votes to display
Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Financial Institutions Committee
Filed with the Clerk by Rep. Robert Rita
First Reading
Referred to Rules Committee
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| Introduced | HTML |
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