SB 329

Bill Subjects

Financial Institutions Loans

Abstract

Provides that a supervised loan is a consumer loan in which the rate of the loan finance charge exceeds 36% per year (current law specifies 25%). Specifies actions that a supervised lender is prohibited from taking. Repeals current limitations on the charges that a supervised lender may contract for and receive. Specifies limits on fees and charges that a supervised lender may impose to replace the repealed limitations. Provides that a lender may not solicit a supervised loan using a negotiable check, facsimile, or other negotiable instrument that may be used by a consumer to activate a new supervised loan. Makes conforming changes.