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MO HB748

Bill

Official Source

Status

Introduced

2/27/2013

Primary Sponsor

Sandy Crawford

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Increases the credit advance fee cap for open-end credit tied to depository institution transaction accounts from 5 percent to 10 percent of the credit advanced
  • Increases the maximum credit advance fee from $25 to $75 for loans of 31 days or longer
  • Allows the credit advance fee to be added to the outstanding open-end credit balance along with interest without being considered unlawful compounding of interest
  • Applies only to open-end credit contracts where the account is held as an asset of the depository institution
  • Repeals and replaces Section 408.140 of Missouri Revised Statutes regarding open-end credit fees

Legislative Description

Increases the amount of specified fees that a creditor can charge on small loans that are open-end credit contracts tied to a transaction account in a depository institution

Last Action

Referred: Rules(H)

3/6/2013

Committee Referrals

Rules3/6/2013
Financial Institutions2/28/2013

Full Bill Text

No bill text available