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MS SB2185
Bill
AI Summary
- Requires contracts, credit sales, obligations, or extensions of credit with principal balances exceeding $2,000 to include a provision allowing borrowers or debtors to skip one payment per calendar year
- Skipped payment extends the contract term by one month instead of being forgiven
- Applies to any credit arrangement with original principal balance greater than $2,000
- Effective date: July 1, 2013
Legislative Description
Loans over a certain amount; borrower may skip one monthly payment per calendar year.
Last Action
Died In Committee
2/5/2013
Committee Referrals
Business and Financial Institutions1/14/2013
Full Bill Text
No bill text available