summary
Introduced
02/13/2023
02/13/2023
In Committee
04/03/2023
04/03/2023
Crossed Over
Passed
Dead
05/12/2023
05/12/2023
Introduced Session
2023 Regular Session
Bill Summary
Modifies interest rates for small loans
AI Summary
This bill modifies the interest rates and fee structures for small loans, consumer credit loans, and consumer installment loans in Missouri. It establishes a 36% annual percentage rate cap on all such loans, prohibits certain practices to evade this rate cap, and requires lenders to consider the borrower's ability to repay the loan. The bill also makes changes to licensing requirements, disclosure provisions, and renewal/repayment terms for certain small loan lenders. Importantly, it submits these changes to Missouri voters for approval in the November 2024 election.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Second Read and Referred S Insurance and Banking Committee (on 04/03/2023)
Bill Topics
Banking, Finance, and Domestic Commerce
- ‐ Banking System and Financial Institution Regulation and Reform
- ‐ Consumer Finance and Credit, including Credit Cards
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.senate.mo.gov/23info/BTS_Web/Bill.aspx?SessionType=R&BillID=3649086 | 02/13/2023 |
| Analysis - Summary: Introduced | https://www.senate.mo.gov/23info/BTS_Web/Summary.aspx?SessionType=R&SummaryID=10996571&BillID=3649086 | 06/13/2023 |
| Analysis - Summary: Introduced | https://www.senate.mo.gov/23info/BTS_Web/Summary.aspx?SessionType=R&SummaryID=2394162&BillID=3649086 | 02/13/2023 |
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