2014 House Bill 5594

Revise lender regulation detail

Introduced in the House

May 21, 2014

Introduced by Rep. Lisa Posthumus Lyons (R-86)

To revise a law that imposes licensure and regulations on retail lenders who make relatively small loans to consumers ( such as for cars, household goods, or cash advances), so as to permit a lender to charge a monthly account service fee on outstanding “closed-end” loans, at a maximum rate of 9.75 percent of the original principal amount.

Referred to the Committee on Financial Services