S 0059 General Bill, By Malloy
Summary: Supervised loans
    A BILL TO AMEND SECTION 37-3-501(1) OF THE 1976 CODE, RELATING TO SUPERVISED LOANS, TO PROVIDE THAT SHORT-TERM VEHICLE SECURED LOANS ARE NOT SUPERVISED LOANS; TO AMEND ARTICLE 1, CHAPTER 5, TITLE 39 OF THE 1976 CODE, RELATING TO UNFAIR TRADE PRACTICES, BY ADDING SECTION 39-5-45, TO PROVIDE THAT IT IS AN UNFAIR TRADE PRACTICE FOR SUPERVISED LENDERS TO PROVIDE SHORT-TERM VEHICLE SECURED LOANS; TO AMEND SECOND 37-3-413 OF THE 1976 CODE, RELATING TO SHORT-TERM VEHICLE SECURED LOANS, TO CAP THE LOAN INTEREST RATE FOR SPECIFIC LOAN AMOUNTS; TO AMEND CHAPTER 3, TITLE 37 OF THE 1976 CODE, RELATING TO LOANS, BY ADDING SECTIONS 37-3-414 AND 37-3-415, TO PROVIDE FOR A DATABASE TO PREVENT A PERSON FROM HAVING A SHORT-TERM VEHICLE SECURED LOAN THAT EXCEEDS A CERTAIN LIMIT AND TO TRACK LOAN TRANSACTIONS IN GENERAL, AND TO PROVIDE THAT ALL SHORT-TERM VEHICLE SECURED LOANS MAY ONLY BE MADE BY A LICENSEE; AND TO DEFINE NECESSARY TERMS.
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12/09/20	Senate	Prefiled
12/09/20	Senate	Referred to Committee on Banking and Insurance
01/12/21	Senate	Introduced and read first time (Senate Journal-page 152)
01/12/21	Senate	Referred to Committee on Banking and Insurance (Senate Journal-page 152)