Consumer Protection – HB 1911/SB 1736

SPONSORS: Rep. Mike Stewart, Sen. Beverly Marrero

SUMMARY: Specifies that the interest rate on any payday loan shall not exceed 100 percent. Defines “payday loan” as short-term cash loan or funds provided to an individual in anticipation of future receipt of wages.

THIS WEEK 4/25/11: Taken off notice in Senate Commerce, Labor & Agriculture; House General Subcommittee of Commerce deferred to summer study.

NOTE: This bill is done for this session.