INTEREST LIMITS Present law authorizes a registrant under the industrial loan and thrift company laws to charge interest on loans where the amount financed is (i) $100 or more, up to $5,000, on the principal at any rate not in excess of a maximum effective rate of 30% per annum and (ii) more than $5,000 on the principal at any rate not in excess of the maximum effective rate of 24% per annum. This bill revises this provision to, instead, authorize such a registrant to charge interest on loans where the amount financed is $100 or more on the principal at any rate not in excess of the maximum effective rate of 36% per annum. LIMITATIONS ON LOAN CHARGES Present law authorizes a registrant under the industrial loan and thrift company laws to charge acquisition loan charges in amounts no greater than 10% for any of the following loans:  Any loan amount of $100 or more up to and including the amount of $300. Any loan amount in excess of $300 but not more than $400. Any loan amount in excess of $400 but not more than $500. Any loan amount in excess of $500 but not more than $1,000. Any loan amount in excess of $1,000 but not more than $1,250. Any loan amount in excess of $1,250 but not more than $1,500. Any loan amount in excess of $1,500 but not more than $1,750. Any loan amount in excess of $1,750 but not more than $2,000. This bill increases the maximum acquisition loan charge from 10% to 12.5% for all of the loans listed above.

Statutes affected:
Introduced: 45-5-301(2)(A)(ii), 45-5-301, 45-5-301(2)(A), 45-5-401(c)(2), 45-5-401, 45-5-401(c), 45-5-403(b)(1), 45-5-403