SB 1007 – Bars lending institutions from using unsolicited negotiable instruments as extensions of credit to consumers

• Sponsor: Goodman
• LR Number: 4783S.01I
• Committee: Financial & Governmental Organizations and Elections
• Last Action: 3/6/2006 - Hearing Scheduled But Not Heard S Financial & Governmental Organizations and Elections Committee
• Effective Date: August 28, 2006

Current Bill Summary

SB 1007 - This act bars lending institutions from using unsolicited negotiable instruments as extensions of credit to consumers. If a lending institution engages in such a practice, the lending institution shall be liable for the amount of the instrument and any insufficient funds fees.

This act is identical to HB 991 (2006).

CHRIS HOGERTY