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DIGEST OF SB 70 (Updated January 30, 2006 5:51 pm - DI 101)
Charges for small consumer loans. Provides that for a supervised loan of at least $200 but not more than $1,000, a lender may charge both: (1) an origination charge of not more than 10% of the principal amount; and (2) a monthly installment account finance charge based on the amount of the loan; instead of the finance charge that otherwise would apply to a supervised loan. Sets forth procedures for refunding the origination charge and the installment account finance charge upon the prepayment in full, refinancing, or consolidation of the loan. Prohibits the lender from: (1) making insurance charges or other charges for such supervised loans; and (2) committing certain acts. Requires the lender to provide certain information. Allows the department of financial institutions to adopt rules concerning small consumer loans.
