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MS HB1157
Bill
Status
2/4/2014
Primary Sponsor
Bob Evans
Click for details
AI Summary
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Caps pawnbroker service charges at an annual percentage rate of 25% per annum on the outstanding principal amount of the pawn transaction.
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Caps title pledge lender service charges at an annual percentage rate of 25% per annum on the outstanding principal amount of the title pledge transaction.
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Caps check cashing fees at an annual percentage rate of 25% on the face amount of delayed deposit checks, replacing previous per-$100 fee structures.
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Declares any charges exceeding these limits uncollectible and voids the underlying transaction.
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Takes effect July 1, 2014.
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
2/4/2014