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CS/SB 580: Consumer Finance Loans

GENERAL BILL by Banking and Insurance ; Gruters

Consumer Finance Loans; Prohibiting a person from operating a branch of a business making consumer finance loans before obtaining a license from the Office of Financial Regulation; revising the maximum interest rate and the calculation of interest rates on consumer finance loans; requiring licensees offering an assistance program to borrowers after a federally declared major disaster to send a specified notice to the office within a certain timeframe; requiring certain licensees to suspend specified actions for a certain timeframe after a federally declared disaster, etc.

Effective Date: 7/1/2023
 Last Action: 5/1/2023 Senate - Laid on Table -SJ 654
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Committee on Agriculture, Environment, and General Government (AEG)
  3. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    2/8/2023 Senate • Filed
    2/16/2023 Senate • Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
    3/7/2023 Senate • Introduced
    3/24/2023 Senate • On Committee agenda-- Banking and Insurance, 03/29/23, 8:30 am, 412 Knott Building
    3/29/2023 Senate • CS by Banking and Insurance; YEAS 8 NAYS 3
    3/31/2023 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    • Now in Appropriations Committee on Agriculture, Environment, and General Government
    • CS by Banking and Insurance read 1st time
    4/13/2023 Senate • On Committee agenda-- Appropriations Committee on Agriculture, Environment, and General Government, 04/18/23, 12:00 pm, 110 Senate Building
    4/18/2023 Senate • Favorable by Appropriations Committee on Agriculture, Environment, and General Government; YEAS 10 NAYS 3
    4/19/2023 Senate • Now in Fiscal Policy
    4/20/2023 Senate • On Committee agenda-- Fiscal Policy, 04/25/23, 10:00 am, 412 Knott Building
    4/25/2023 Senate • Favorable by- Fiscal Policy; YEAS 15 NAYS 4
    4/26/2023 Senate • Placed on Calendar, on 2nd reading
    • Placed on Special Order Calendar, 05/01/23
    5/1/2023 Senate • Read 2nd time -SJ 653
    • Substituted CS/CS/HB 1267 (Vetoed by Governor) -SJ 654
    • Laid on Table -SJ 654

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  • CS/SB 580, Committee Substitute 1 (Current Bill Version) Posted 3/31/2023 at 9:17 AM

    Bill Text:   Web Page | PDF
    Analyses:   Appropriations Committee on Agriculture, Environment, and General Government (Pre-Meeting) 4/17/2023 (pdf)
    Appropriations Committee on Agriculture, Environment, and General Government (Post-Meeting) 4/19/2023 (pdf)
    Fiscal Policy (Pre-Meeting) 4/24/2023 (pdf)
    Fiscal Policy (Post-Meeting) 4/26/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 1267 (er) Consumer Finance Loans Insurance & Banking Subcommittee Similar Last Action: 10/26/2023 H Veto Message Received (Special Session 2023C) Track This Bill

    Floor Amendments (1)

    Amendment Sponsor Filed Last Floor Action Format
    961550 - Amendment
    Between lines 233 and 234 insert:     		Berman 4/28/2023
    3:54 PM     		Senate: Withdrawn
    5/1/2023     		Web Page
    PDF

    Committee Votes (2)

    Date Committee Result
    4/18/2023 12:00 PM Appropriations Committee on Agriculture, Environment, and General Government 10 Yeas - 3 Nays
    4/25/2023 10:00 AM Fiscal Policy 15 Yeas - 4 Nays

    Citations - Statutes (8)

    Citation Catchline Location in Bill Location In Bill Help
    516.01 Definitions. Page 2 (pdf)
    516.02 Loans; lines of credit; rate of interest; license. Page 3 (pdf)
    516.03 Application for license; fees; etc. Page 4 (pdf)
    516.031 Finance charge; maximum rates. Page 5 (pdf)
    516.15 Duties of licensee. Page 8 (pdf)
    516.19 Penalties. Page 11 (pdf)
    516.38 Page 9 (pdf)
    516.39 Page 10 (pdf)

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  • SB 580, Original Filed Version Posted 2/8/2023 at 11:46 AM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 3/27/2023 (pdf)
    Banking and Insurance (Post-Meeting) 3/30/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 1267 (c1) Consumer Finance Loans Insurance & Banking Subcommittee Similar Last Action: 10/26/2023 H Veto Message Received (Special Session 2023C) Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    747392 - Amendment
    Delete lines 229 - 277 and insert:     		Banking and Insurance
    (Gruters)     		3/28/2023
    8:06 AM     		Replaced by Committee Substitute
    3/30/2023     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    3/29/2023 8:30 AM Banking and Insurance 8 Yeas - 3 Nays

    Citations - Statutes (8)

    Citation Catchline Location in Bill Location In Bill Help
    516.01 Definitions. Page 2 (pdf)
    516.02 Loans; lines of credit; rate of interest; license. Page 3 (pdf)
    516.03 Application for license; fees; etc. Page 4 (pdf)
    516.031 Finance charge; maximum rates. Page 5 (pdf)
    516.15 Duties of licensee. Page 8 (pdf)
    516.19 Penalties. Page 10 (pdf)
    516.38 Page 8 (pdf)
    516.39 Page 10 (pdf)

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