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MO HB176

Bill

Official Source

Status

Introduced

1/16/2013

Primary Sponsor

Sandy Crawford

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Increases the fee on loans of 30+ days (non-open-end credit) from 5% to 10% of principal, with a maximum cap of $75
  • Increases the credit advance fee for open-end credit tied to depository institution transaction accounts from $25 to $75 or from 5% to 10% of credit advanced, whichever is less
  • Allows creditor to add the credit advance fee to outstanding open-end credit balance without it being considered unlawful interest compounding
  • Maintains existing provisions for late payment charges, filing fees, insurance premiums, attorney fees, and other permissible loan-related charges
  • Allows open-end credit card issuers to charge an annual fee not exceeding $50

Legislative Description

Increases the amount of specified fees that a vendor of a small loan can charge

Last Action

Rules - Reported Do Pass - Consent (H)

2/25/2013

Committee Referrals

Rules2/13/2013
Financial Institutions1/31/2013

Full Bill Text

No bill text available