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MS SB2972
Bill
AI Summary
- Requires any contract, credit sale, obligation, or extension of credit with a principal balance exceeding $2,000 to include a provision allowing borrowers to skip one payment per calendar year
- Skipped payment results in a one-month extension of the contract term instead of defaulting on the obligation
- Applies to all such agreements regardless of other existing law provisions
- Takes effect July 1, 2010
Legislative Description
Loans over a certain amount; borrower may skip one monthly payment per calendar year.
Last Action
Died In Committee
2/2/2010
Full Bill Text
No bill text available