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MO HB1557
Bill
Status
1/26/2012
Primary Sponsor
Leonard Hughes
Click for details
AI Summary
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Repeals section 367.515 and enacts two new sections (367.515 and 370.405) relating to title loans and interest rates.
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Limits title lenders to charging simple interest and fees no greater than double the average interest rate determined under section 370.405 at the time of contracting.
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Requires the Director of the Division of Credit Unions to determine the approximate average interest rate charged by credit unions under section 370.300, beginning January 1, 2013, and annually thereafter.
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Mandates the average credit union interest rate be made available to the public through posting on an internet website or other means.
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Requires the average interest rate to be updated no less than once each calendar quarter.
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)
3/29/2012