SB 1698 Summary

• Removes supervised lenders from automatic dollar amount adjustments tied to the Consumer Price Index under the Uniform Consumer Credit Code's Reference Base Index mechanism.

• Modifies maximum loan finance charges for supervised loans: reduces rates from 30% to 27% on balances up to $2,910, from 21% to 23% on balances $2,910-$6,200, and from 15% to 20% on balances over $6,200.

• Requires supervised loans to have a minimum repayment term of twelve (12) months.

• Establishes administrative fine authority for the Consumer Credit Administrator to impose penalties of $100 to $2,500 per violation against supervised lender licensees, with a maximum of $5,000 for violations from a single incident or transaction.