Martha McLeod voted Yea (Passage) on this Legislation.
Title: Small Loans Interest Limitation
Signed by Governor John Lynch
Title: Small Loans Interest Limitation
Vote to pass a bill that prohibits lenders from making loans to individuals who have had outstanding payday or title loans within the last 60 days, and establishes a maximum interest rate of 36 percent on payday loans.
- Requires a lender to obtain a written statement under oath certifying that the borrower has had no outstanding payday or title loans within the last 60 days (Sec. 2). - Allows the lender to pass on security-related charges to the borrower (Sec. 3). - Takes effect on January 1, 2009 (Sec. 4).
Title: Small Loans Interest Limitation
Vote to pass a bill that prohibits lenders from making loans to individuals who have had outstanding payday or title loans within the last 60 days, and establishes a maximum interest rate of 36 percent on payday loans.
- Requires a lender to obtain a written statement under oath certifying that the borrower has had no outstanding payday or title loans within the last 60 days (Sec. 2). - Allows the lender to pass on security-related charges to the borrower (Sec. 3). - Takes effect 60 days after its passage (Sec. 4).
Title: Small Loans Interest Limitation