HB 215 -- INTEREST ON SMALL LOANS (Leake)

This bill changes the amount of the unpaid principal balance on
which interest may be received on small loans from $1,200 to
$2,000.

FISCAL NOTE:  No impact on state funds.

HB 215 -- INTEREST ON SMALL LOANS

SPONSOR:  Leake

COMMITTEE ACTION:  Voted "do pass" by the Committee on Banks and
Financial Institutions by a vote of 26 to 0.

This bill changes the amount of the unpaid principal balance on
which interest may be received on small loans from $1,200 to
$2,000.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that the majority of small loans are
more than $1200 and this bill upgrades the statutes to keep pace
with the marketplace.

Testifying for the bill were Representative Leake; and
Beneficial Financial Services Group.

OPPONENTS:  There was no opposition voiced to the committee.

Bob Dominique, Research Analyst

HB 215 -- Interest on Small Loans

Sponsor:  Leake

This bill changes the amount of the unpaid principal balance on
which interest may be received on small loans from $1,200 to
$2,000.