Bills › 91st General Assembly
Relating to annual percentage rates for delayed deposit service transactions
Sponsored by the House Commerce Committee, Rep. Carter F. Nordman (R)
Topics:Business & economyInsurance
Same legislation: HF 627
Where it is now
- Done: IntroducedFebruary 28, 2025
- Done: SubcommitteeMarch 3, 2025
- Done: House committeeMarch 4, 2025
- Stopped: Passes the HouseDied when the General Assembly ended
- Next: Senate committeeFunnel: by March 20, 2026
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Died when the session ended The 2026 session adjourned on May 3, 2026, the General Assembly’s last regular session. Bills that didn’t pass both chambers died. What’s a funnel?
What’s in it
AI summary Companies that provide delayed deposit services cannot charge an interest rate higher than a certain limit. If a company breaks this rule, the transaction becomes invalid and they are not allowed to collect any money from the customer. People on active military duty, or their families, are protected by even stricter interest rate limits.1
Read the official explanation
This bill relates to annual percentage rates for delayed deposit service transactions. Under the bill, a person licensed under Code chapter 533D (licensee) shall not impose an annual percentage rate greater than percent in connection with a delayed deposit service transaction. A delayed deposit service transaction made in violation of the bill shall be void, and the licensee shall not collect, receive, or retain any principal, interest, fees, or other charges in connection with the delayed deposit service transaction. For an individual on active military duty, or their spouse or dependent, a licensee shall not impose an annual percentage rate greater than allowable under U.S.C. §987 in connection with a delayed deposit service transaction.
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91st General Assembly