Amends TCA Title 45 and Title 47, Chapter 18.
Present law limits the fee amount for deferred presentment services to 15 percent of the face value of the check. A deferred presentment agreement is limited to 31 days in duration. For deferred presentment services made or renewed on or after the date that this bill becomes a law, this bill prohibits a deferred presentment licensee from contracting for or receiving a fee or charge exceeding a 36 percent annual percentage rate on the unpaid balance of the amount financed.
Present law limits the fee amount for deferred presentment services to 15 percent of the face value of the check. A deferred presentment agreement is limited to 31 days in duration. For deferred presentment services made or renewed on or after the date that this bill becomes a law, this bill prohibits a deferred presentment licensee from contracting for or receiving a fee or charge exceeding a 36 percent annual percentage rate on the unpaid balance of the amount financed.
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