Bills › 91st General Assembly
Relating to annual percentage rates for delayed deposit service transactions
Sponsored by Rep. Carter F. Nordman (R)
Topics:Business & economyInsurance
Same legislation: HF 878
Where it is now
- Done: IntroducedFebruary 28, 2025
- Done: SubcommitteeMarch 3, 2025
- Done: House committeeMarch 4, 2025
- Skipped: Passes the HouseContinued as HF 878
- Next: Senate committee
- Next: Passes the Senate
- Next: To the Governor
- Next: Signed into law
Became HF 878 → Its progress continues under the new number. Go to HF 878 What’s a funnel?
What’s in it
AI summary Companies that provide delayed deposit services cannot charge an annual interest rate higher than a specific limit. If a company breaks this rule, the transaction becomes void and they are not allowed to collect any money from the customer. People on active military duty, along with their spouses and dependents, 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.
House subcommittee
Named March 3, 2025. Meeting: Tuesday, March 4 · 1:00 PM · RM 103.
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
Family tree
91st General Assembly