SENATE AMENDMENT

    Bill No. SB 898

    Amendment No. 1

                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Fiscal Policy recommended the following

12  amendment to amendment (910342):

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14         Senate Amendment 

15         On page 1, lines 18 through 22, delete the underscored

16  words on those lines

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18  and insert:  The finance charge may not exceed 96 percent

19  simple interest under a title loan agreement during the first

20  year it is in effect; however, the amount of interest charged

21  in any one month may not exceed 22 percent, and a title loan

22  lender may charge no more than 22 percent per month for 4

23  months during the first year and no more than 1 percent per

24  month thereafter. At the option of the lender, the finance

25  charge may be set at 8 percent per month on a 12-month

26  contract.

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    9:29 PM   04/14/99                                 s0898.fp.01