Bills › 88th General Assembly
Where it is now
- Done: IntroducedFebruary 6, 2019
- Done: SubcommitteeFebruary 5, 2019
- Done: Senate committeeFebruary 20, 2019
- Done: Passes the SenateApril 8, 201940–10
- Skipped: House committeeSkipped
- Done: Passes the HouseMarch 13, 201953–46
- Done: To the GovernorApril 15, 2019
- Done: Signed into lawApril 15, 2019
HF 260 became law → The same legislation passed as HF 260, so this version was set aside. Go to HF 260 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.
Read the full explanation
The bill authorizes a creditor to contract for and receive, for an interest-bearing consumer credit transaction, a service charge in an amount not to exceed the lesser of 10 percent of the amount financed or $30.2510.2510, relating to rebate upon prepayment, does not apply to service charges collected pursuant to the bill.
Senate subcommittee
Named February 5, 2019. On February 11, 2019 it recommended passage.
Three legislators hear a bill first and recommend what the committee should do; it’s the best time to weigh in. How to take part
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88th General Assembly