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MO HB810

Bill

Official Source

Status

Introduced

3/9/2011

Primary Sponsor

Michael Corcoran

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Repeals section 367.515 and enacts two new sections (367.515 and 370.405) relating to title loans and credit union interest rates
  • Limits title lenders to charging simple interest at a rate no greater than double the average interest rate determined under section 370.405
  • Requires the director of the division of credit unions to determine the approximate average interest rate being charged by credit unions in the state beginning January 1, 2012, and each year thereafter
  • Mandates the average credit union interest rate be made publicly available through posting on an internet website and updated at least quarterly
  • Title lenders continue to be able to contract for interest and fees in accordance with sections 408.100 and 408.140

Legislative Description

Limits the amount of interest a title lender can charge on a loan and requires the average interest rate being charged by credit unions to be made available to the public at least quarterly

Last Action

Referred: Financial Institutions (H)

3/31/2011

Committee Referrals

Financial Institutions3/31/2011

Full Bill Text

No bill text available