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MS HB901

Bill

Official Source

Status

Failed

2/2/2021

Primary Sponsor

Bob Evans

Click for details

Origin

House of Representatives

2021 Regular Session

AI Summary

  • Caps pawnbroker service charges at 25% annual percentage rate (APR) on unpaid principal, replacing the previous 25% per month rate

  • Limits title pledge lender service charges to 25% APR on unpaid principal, down from the previous 25% per month rate

  • Reduces check casher fees for delayed deposit transactions to a maximum of 25% APR on the face amount of the check, replacing the previous structure of $20-$21.95 per $100 advanced

  • Makes any charges exceeding these new limits uncollectible and voids the transaction

  • Effective date of July 1, 2021

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

2/2/2021

Committee Referrals

Banking and Financial Services1/18/2021

Full Bill Text

No bill text available