SB 254 – Raises the fees a lender can charge for certain loans

• Sponsor: Pearce
• LR Number: 1380S.02T
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 7/12/2013 - Signed by Governor
• Journal Page: S2476
• Title: SCS SB 254
• Effective Date: August 28, 2013
• House Handler: Crawford

Current Bill Summary

SCS/SB 254 - Currently, for an open-end credit contract that provides for open-end credit loans of 31 days or longer, the lender may charge a credit advance fee of the lesser of $25 or 5% of the credit advanced from the line of credit. This act raises the fee to $75 and 10% respectively.

This act is similar to HB 176 (2013).

CHRIS HOGERTY