SB 57 (2011, passed over veto) Title Lending

posted Apr 4, 2012, 10:56 AM by Bill Duncan

AN ACT relative to regulation of title loan lenders.

SPONSORS: Sen. Carson, Dist 14; Sen. Sanborn, Dist 7; Sen. De Blois, Dist 18; Sen. Boutin, Dist 16; Rep. Marshall Quandt, Rock 13; Rep. Hunt, Ches 7; Rep. Gidge, Hills 24; Rep. Baldasaro, Rock 3; Rep. Shaw, Hills 16



This bill:

I. Increases the maximum percentage of interest allowed to be charged by title loan lenders annually.

II. Reduces the number of additional pay periods for which a lender may allow a title loan to be renewed.

III. Requires a borrower whose title loan has been renewed to pay at least 10 percent of the loan’s original principal balance at the time of renewal.