5547 AMS KLIN MEND 141

SB 5547 - S AMD 226

By Senator Kline

NOT CONSIDERED 05/25/2011

    On page 2, line 7, after "dollars or" strike "thirty" and insert "((thirty)) fifteen"

    On page 2, line 17, after (4) strike "(A borrower is prohibited from receiving more than eight small loans from all licensees in any twelve-month period.  A licensee is prohibited from making a small loan to a borrower if making that small loan would result in a borrower receiving more than eight small loans from all licensees in any twelve-month period. (5)))” and insert "A borrower is prohibited from receiving more than eight small loans from all licensees in any twelve-month period.  A licensee is prohibited from making a small loan to a borrower if making that small loan would result in a borrower receiving more than eight small loans from all licensees in any twelve-month period."

    On page 2, line 23, after "charge" strike "interest or" and insert "((interest or))"

    On page 2, line 30, after "charge" strike "interest or" and insert "((interest or))"

    On page 2, line 33, after "dollars." insert "Interest on small loans is not to exceed twelve percent per annum."

Renumber the remaining subsections consecutively and correct any internal references accordingly.

EFFECT:   The current 8 loan cap on the number of small loans a borrower may take in year is restored. A borrower may borrow up to seven hundred dollars or up to fifteen percent of the borrower's gross monthly income, whichever is lower, per small loan.  Interest on small loans is capped at twelve percent.

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