Principle Criteria
Free Enterprise
Property Rights
Personal Responsibility
Limited Government
Individual Liberty
Digest
HB 476 proposes to cap the maximum allowable interest rates for deferred presentment transactions, also known as payday loans. For loans exceeding $300, the interest rate would be capped at 38.5% annually, while loans of $300 or less would be limited to 36% annually. The bill further specifies that any deferred presentment transaction exceeding these caps would be void and unenforceable. It also establishes that lenders who violate these provisions commit a Class A misdemeanor.
Author (1)
Contact the Author
Rep. John Bucy III
Capitol Phone:
(512) 463-0696
Capitol Office:
CAP GN.9
E-Mail:
