Relating to permissible interest rates and charges for certain loans. Effective 7-1-19

Where it is now

1. ✓
   Done: IntroducedFebruary 6, 2019
2. –
   Skipped: SubcommitteeSkipped
3. ✓
   Done: House committeeMarch 13, 2019
4. ✓
   Done: Passes the HouseMarch 13, 201953–46
5. ✓
   Done: Senate committeeApril 4, 2019
6. ✓
   Done: Passes the SenateApril 8, 201940–10
7. ✓
   Done: To the GovernorApril 15, 2019
8. ✓
   Done: Signed into lawApril 15, 2019

Signed into law What’s a funnel?

What’s in it

This bill relates to permissible interest rates and charges for certain loans. Current law allows the superintendent of banking to establish the maximum rate of interest or charges for regulated loans subject to Code chapter 536 with unpaid principal balances of $10,000 or less. The bill increases this amount to $30,000. For loans with unpaid principal balances in excess of $30,000 (formerly $10,000), the maximum interest rate or charges a lender may charge remains the greater of the rate permitted in Code chapter 535 or the rate authorized for supervised financial organizations in Code chapter 537.

Full bill text · What changed before it passed¹

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