SB 647 – Modifies the law relating to consumer credit interest rates

• Sponsor: Schupp
• LR Number: 4829S.01I
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 1/7/2016 - Second Read and Referred S Financial and Governmental Organizations and Elections Committee
• Journal Page: S86
• Effective Date: Upon voter approval

Current Bill Summary

SB 647 - This act prohibits lenders of consumer credit loans, title loans, consumer installment loans, and unsecured loans of $500 or less (commonly known as payday loans) from contracting for or receiving interest, fees, and finance charges on the unpaid principal balance of a loan in excess of 36%.

Such lenders are prohibited from evading the requirements of this act through any method, including but not limited to mail, telephone, internet, or any electronic means. Such lenders are further subjected to several provisions of current law regulating interest on small loans.

This act contains a referendum clause.

This act is identical to HB 820 (2015).

SCOTT SVAGERA