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OK SB1074

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Seneca Scott

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Caps interest rates on deferred deposit (payday) loans at 36% per annum, overriding other provisions of law or Regulation Z

  • Limits one-time finance charges on new loans to $10 per $100 borrowed or $30 maximum, whichever is less

  • Prohibits any finance charges or fees on loan renewals if renewals are permitted by law

  • Deletes previous fee structure that allowed $15 per $100 on the first $300 and $10 per $100 on amounts exceeding $300

  • Effective date: November 1, 2016

Legislative Description

Deferred Deposit Lending Act; setting maximum interest rate; stating amount of finance charge. Effective date.

Last Action

coauthored by Goodwin

3/3/2016

Committee Referrals

Business and Commerce2/2/2016

Full Bill Text

No bill text available