Relating to consumer loans; and declaring an emergency.
Catchline/Summary:
Sets maximum finance charge or interest rate at charge or rate not to exceed 36 percent per annum or 30 percentage points in excess of discount rate on 90-day commercial paper in effect at Federal Reserve Bank of San Francisco, established annually by Director of Department of Consumer and Business Services, for all consumer finance, payday and title loans of $50,000 or less. Sets maximum finance charge or interest rate at charge or rate not to exceed 36 percent per annum or 30 percentage points in excess of discount rate on 90-day commercial paper in effect at Federal Reserve Bank of San Francisco, established annually by Director of Department of Consumer and Business Services, for all consumer finance, payday and title loans of $50,000 or less. Permits lenders to charge only one origination fee of not more than $10 of each $100 of loan amount of title or payday loans, or $30, whichever is less. Subjects open-end loan plans to 36 percent per annum interest cap. Restricts title lenders from making or renewing title loans for terms of less than 31 days and from renewing title loans more than two times. Prohibits title lenders from charging certain fees for dishonored checks.
Requires brokers making payday, title or consumer finance loans to be licensed by Department of Consumer and Business Services.
Declares emergency, effective July 1, 2007.
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