SB 394

Bill Subjects

Abstract

Amends the Uniform Consumer Credit Code (UCCC) to specify that a delinquency charge that: (1) is not more than $5; and (2) is subject to: (A) statutory indexing based on the Consumer Price Index; and (B) change, if contracted for by the parties; is authorized for a consumer credit sale or consumer loan (or to a refinancing or consolidation of either) that is made before July 1, 2019. Specifies that the following delinquency charges, not subject to indexing or to change by agreement of the parties, are authorized for a consumer credit sale or consumer loan (or to a refinancing or consolidation of either) that is made after June 30, 2019: (1) $5, if installments are due every 14 days or less. (2) $25, if installments are due every 15 days or more. (3) $25, in the case of a single installment due at least 30 days after the consumer credit sale or consumer loan is made. Makes cross references in the UCCC provisions concerning delinquency fees to the UCCC provisions that prohibit sellers and lenders from assessing a charge for: (1) a skip-a-payment service; or (2) an optional expedited payment service; with respect to any payment for which a delinquency charge has been assessed.