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.<br />
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.<br />
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Niceley, Frank
112th General Assembly
February 10, 2021
February 22, 2021
Passed on Second Consideration, refer to Senate Commerce and Labor Committee