Posted by AzBlueMeanie:
There is a "consumer lender loans" bill that has made it through the House Rules Committee after approval by the House Finance Committee, HB 2526 (.pdf). It is on the Committee of the Whole (COW) Calendar #10 for TODAY. Contact your legislators to oppose this bill:
From the House Summary of the bill:
HB 2526 modifies the finance charge structure of consumer lender loans and increases the loan origination fee cap.
Current statute prohibits a licensee from paying a fee, commission or bonus, or give anything of value to any merchant, dealer, consumer, or other person in connection with attracting applicants or referring business, with exceptions (A.R.S. § 6-611).
· Increases the cap on loan origination fees to $150.
· Allows a licensee to pay a fee, commission or bonus, or give anything of value to any merchant, dealer, consumer, or other person for referring business in an amount of up to $100 per completed loan.
· Allows a licensee to give a consumer any prize, good, wear, merchandise, or tangible property in an aggregated amount of up to $25.