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MO HB249

Bill

Official Source

Status

Introduced

1/22/2013

Primary Sponsor

Brandon Ellington

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Repeals section 367.515 and enacts two new sections (367.515 and 370.405) relating to title loan interest rates
  • Limits title lenders to charging simple interest and fees in accordance with sections 408.100 and 408.140, with a maximum interest rate of 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 charged by credit unions in Missouri beginning January 1, 2014, and annually thereafter
  • Mandates that the average credit union interest rate be made available to the public, including through posting on an internet website
  • Requires the average interest rate to be updated no less than each calendar quarter

Legislative Description

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

Last Action

Referred: Financial Institutions(H)

5/17/2013

Committee Referrals

Financial Institutions5/17/2013

Full Bill Text

No bill text available