Loading chat...
MS HB909
Bill
Status
2/1/2022
Primary Sponsor
Bob Evans
Click for details
AI Summary
-
Caps the maximum charge for pawnbrokers at an annual percentage rate of 25% per annum on unpaid principal, down from the previous 25% per month
-
Limits title pledge lenders to a maximum annual percentage rate of 25% per annum on unpaid principal, replacing the former 25% per month rate
-
Reduces check cashing fees for delayed deposit transactions to a maximum annual percentage rate of 25% on the face amount of the check, replacing previous rates of $20-$21.95 per $100 advanced
-
Makes any transaction void and uncollectible if charges exceed the new maximum rates
-
Effective date of July 1, 2022
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
2/1/2022