CS/HB 239 Summary

• Revises delinquency charges for consumer loans with tiered limits based on payment frequency: $15 for monthly payments, $7.50 for semimonthly payments, and $7.50 or $5 for biweekly payments depending on number of payments due in the same calendar month.

• Requires written agreement between parties before any delinquency charges may be imposed on payments in default for at least 10 days.

• Allows installment payments to be structured as periodic payments due every 2 weeks, semimonthly, or monthly (rather than only monthly), with payments as nearly equal as mathematically practicable except for the final payment.

• Exempts lines of credit from the installment payment requirements of section 516.36.

• Takes effect July 1, 2018.