SB 33

Abstract

Consumer finance companies. Requires theState Corporation Commission, as a condition of licensing a consumerfinance company, to find that the applicant will not make consumerfinance loans at the same location at which the applicant makes paydayloans or motor vehicle title loans. The measure also (i) sets theminimum and maximum amounts of a consumer finance loan at $500 and$35,000, respectively; (ii) requires that such loans be installmentloans with a term that is not less than six months nor more than 120 months; (iii) sets the maximum annual interest rate on such loansat 36 percent; (iv) authorizes late payment fees of $20, providedthat they are set forth in a contract; (v) authorizes loan processingfees of the greater of $75 or five percent of the principal amountof the loan but not to exceed $150; and (vi) increases from $15 to$25 the amount of a bad check fee.