House Sponsors: MILLER-RYAN-DAVIS,MONIQUE. Short description: PAYDAY LOANS DISCLOSE RATES Synopsis of Bill as introduced: Amends the Consumer Installment Loan Act. Provides that lenders that make loans based upon proof of the borrower's continuing employment or ownership of equity in a motor vehicle and the borrower's delivery to the lender of a postdated check in an amount sufficient to repay the loan must deem all fees charged for making the loan or renewing the loan to be interest for disclosure purposes. Requires that interest be disclosed in a manner consistent with the Truth in Lending Act. Limits rollovers of loans to 3 during any 12-month period. Effective immediately. CORRECTIONAL NOTE (Department of Corrections) There would be no fiscal or corrections population impact. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status