Senate Bill 329 - Summary

• Increases finance charge rates for consumer credit installment sales: 24% for amounts under $1,500, 22% for $1,500-$1,999, 20% for $2,000-$2,999, and 21% for amounts $3,000 or greater.

• Raises motor vehicle finance charge rates: 20% for vehicles 1-3 model years old, 26% for vehicles 4-5 model years old, and 30% for vehicles 6 model years old and older.

• Increases default charges from $15.00 to $18.00 when an installment is past due for 10 or more days, with only one default charge permitted per default.

• Establishes that a default charge is waived unless the seller collects the charge or sends written notice to the buyer within 45 days following the default.

• Becomes effective October 1, 2023, and applies to contracts entered into, modified, or renewed on or after that date.