Loading chat...
MS HB309
Bill
Status
3/6/2012
Primary Sponsor
Bob Evans
Click for details
AI Summary
-
Caps pawnbroker charges at an annual percentage rate of 25% per annum on the unpaid principal amount advanced in pawn transactions, with excess charges making the transaction void.
-
Caps title pledge lender charges at an annual percentage rate of 25% per annum on the unpaid principal amount advanced in title pledge transactions, with excess charges making the transaction void.
-
Caps check casher fees at an annual percentage rate of 25% on the face amount of delayed deposit checks, with maximum check amounts of $500 including fees.
-
Prohibits check cashers from renewing or extending delayed deposit checks, charging late or collection fees for returned checks, and limits processing fees for returned checks to amounts authorized by the commissioner.
-
Takes effect July 1, 2012.
Legislative Description
Pawnbrokers, title pledge lenders and check cashers; reduce maximum rate of interest that they may charge for their services.
Last Action
Died In Committee
3/6/2012