David E. Miller
- Democratic
Primary
Amends the Payday Loan Reform Act. Changes the definition of "payday loan" to include any loan with a finance charge exceeding an annual percentage rate of 36% (instead of with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days). Provides that no lender may make a payday loan with periodic payments unless the periodic payments are substantially equal term payments and, if paid as scheduled, result in full payment of the principal and interest owed on the loan at the end of the loan term. Requires the licensee, as part of the information that he or she must collect and maintain, to include the total number of lawsuits filed by the licensee or its agent against consumers to collect on payday loans from consumers during the preceding calendar year. Prohibits a licensee or a person making payday loans from evading the requirements and prohibitions of the Act by use of a device or subterfuge including, but not limited to, (i) disguising a payday loan as a different type of transaction, or (ii) characterizing a required fee as a purchase of a good or service in connection with a payday loan. Authorizes the Department to develop rules to determine if any person or entity seeks to evade the applicability of this Act by any device, subterfuge, or pretense. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
House Floor Amendment No. 3 Re-Referred to Rules Committee
Final Action Deadline Extended-9(b) May 25, 2007
Third Reading/Final Action Deadline Extended-9(b) May 18, 2007
Third Reading/Final Action Deadline Extended-9(b) May 10, 2007
House Floor Amendment No. 3 Rules Refers to Financial Institutions Committee
Third Reading/Final Action Deadline Extended-9(b) May 3, 2007
House Floor Amendment No. 3 Filed with Clerk by Rep. David E. Miller
House Floor Amendment No. 3 Referred to Rules Committee
Added Co-Sponsor Rep. Arthur L. Turner
Placed on Calendar 2nd Reading - Short Debate
House Committee Amendment No. 1 Filed with Clerk by Financial Institutions Committee
Do Pass as Amended / Short Debate Financial Institutions Committee; 020-000-000
House Committee Amendment No. 2 Adopted in Financial Institutions Committee; by Voice Vote
House Committee Amendment No. 1 Adopted in Financial Institutions Committee; by Voice Vote
House Committee Amendment No. 2 Filed with Clerk by Financial Institutions Committee
Added Chief Co-Sponsor Rep. Patricia R. Bellock
Added Chief Co-Sponsor Rep. John A. Fritchey
Assigned to Financial Institutions Committee
First Reading
Referred to Rules Committee
Filed with the Clerk by Rep. David E. Miller
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML |
| Document | Format |
|---|---|
| House Amendment 003 | |
| House Amendment 002 | |
| House Amendment 001 |
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