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MS HB244
Bill
Status
3/3/2020
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 unpaid principal amount advanced in the pawn transaction.
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Caps title pledge lender service charges at an annual percentage rate of 25% per annum on the unpaid principal amount advanced in the title pledge transaction.
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Caps check casher fees for delayed deposit checks at an annual percentage rate of 25% on the face amount of the check.
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Makes any interest, charges, or fees exceeding the 25% APR limit uncollectible and voids the transaction.
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Effective date is July 1, 2020.
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
3/3/2020