HB 940 Payday lending; usury, penalties.
Harvey B. Morgan | all patrons    ...    notes
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Summary as passed: (all summaries)
Payday lending; usury; penalties. Establishes requirements for the conduct of payday lending. A "payday loan" is a transaction where the lender (i) accepts a check or similar instrument from the borrower; (ii) agrees to hold the check for a period of time prior to negotiation or presentment; and (iii) gives the borrower the amount of the check less the permitted interest charge. If the borrower does not pay the loan by the due date, the lender may obtain repayment by cashing the borrower's check. The measure caps the fee that a payday lender may charge at $15 per $100 advanced to the borrower. The minimum term is 7 days. Lenders are prohibited from renewing or "rolling over" such loans. Payday lenders are required to be licensed with the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violators are subject to civil and criminal penalties. Making unlicensed loans, or arranging or brokering payday loans, is punishable as a Class 6 felony.

Full text:
01/09/02  House: Presented & ordered printed, prefiled 01/09/02 025405856  pdf | impact statements
03/08/02  House: Bill text as passed House and Senate (HB940ER)  pdf | impact statement
05/17/02  Governor: Acts of Assembly Chapter text (CHAP0897)  pdf

Amendments:
House amendments rejected
Senate amendments rejected
Governor's recommendation

Status:
01/09/02  House: Presented & ordered printed, prefiled 01/09/02 025405856
01/09/02  House: Referred to Committee on Commerce and Labor
01/29/02  House: Reported from Commerce and Labor (15-Y 7-N)
01/31/02  House: Read first time
02/01/02  House: Passed by for the day
02/04/02  House: Read second time
02/04/02  House: Amendment by Del. Hull rejected
02/04/02  House: Engrossed by House
02/05/02  House: Read third time and passed House (73-Y 27-N)
02/05/02  House: VOTE: PASSAGE (73-Y 27-N)
02/05/02  House: Communicated to Senate
02/06/02  Senate: Constitutional reading dispensed
02/06/02  Senate: Referred to Committee on Commerce and Labor
02/25/02  Senate: Reported from Commerce and Labor (11-Y 2-N)
02/27/02  Senate: Const. reading disp., passed by for the day (39-Y 0-N)
02/27/02  Senate: VOTE: CONST. RDG. DISPENSED R (39-Y 0-N)
02/28/02  Senate: Read third time
02/28/02  Senate: Reading of amendment waived
02/28/02  Senate: Amendment by Sen. Bryne rejected
02/28/02  Senate: Passed by for the day
03/01/02  Senate: Passed by for the day
03/04/02  Senate: Read third time
03/04/02  Senate: Passed Senate (32-Y 6-N 1-A)
03/04/02  Senate: VOTE: PASSAGE (32-Y 6-N 1-A)
03/04/02  Senate: Rec. of Sen. passage agreed to by Senate (40-Y 0-N)
03/04/02  Senate: VOTE: RECONSIDER (40-Y 0-N)
03/04/02  Senate: Passed Senate (32-Y 5-N 1-A)
03/04/02  Senate: VOTE: PASSAGE (32-Y 5-N 1-A)
03/08/02  House: Bill text as passed House and Senate (HB940ER)
03/09/02  House: Enrolled
03/09/02  House: Signed by Speaker
03/09/02  Senate: Signed by President
04/08/02  House: Governor's recommendation received by House
04/17/02  House: Placed on Calendar
04/17/02  House: House rejected Gov's recommendation (24-Y 76-N)
04/17/02  House: VOTE: REJECTED (24-Y 76-N)
04/17/02  House: Communicated to Governor
05/17/02  Governor: Approved by Governor-Chapter 897 (effective 7/1/02)
05/17/02  Governor: Acts of Assembly Chapter text (CHAP0897)