Relating to service charges on consumer credit transactions

Where it is now

1. ✓
   Done: IntroducedJanuary 19, 2021
2. ✓
   Done: SubcommitteeJanuary 19, 2021
3. ✓
   Done: House committeeJanuary 25, 2021
4. ✓
   Done: Passes the HouseFebruary 2, 202186–2
5. ✓
   Done: Senate committeeFebruary 2, 2021
6. ✓
   Done: Passes the SenateFebruary 9, 202148–0
7. ●
   Now: To the Governor
8. ✓
   Done: Signed into lawMarch 8, 2021

Signed into law What’s a funnel?

What’s in it

This bill relates to service charges on consumer credit transactions. Current law authorizes a creditor to contract for and receive a service charge in an amount not to exceed the lesser of percent of the amount financed or $30 for an interest-bearing consumer credit transaction. Additionally, current law prohibits a creditor from collecting a minimum charge upon prepayment of a consumer credit transaction if the creditor collected a service charge in association with an interest-bearing consumer credit transaction. The bill strikes from both of these provisions the requirement that the consumer credit transaction bear interest.

Full bill text · What changed before it passed¹

House subcommittee

Named January 19, 2021 (as HSB 69). On January 21, 2021 it recommended passage.

• Rep. Joe Mitchell R
• Rep. Dean Fisher REmail
• Rep. Bob Kressig DEmail

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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