Source: http://carletoninc.com/news/compliance-alerts/compliance-alert-4-states-may-2018/
Timestamp: 2019-04-19 12:31:25
Document Index: 43564035

Matched Legal Cases: ['§47', '§47', '§2', '§3', '§342', '§345']

Compliance Alert - May 2018 | Carleton, Inc. | Consumer Lending Software
The Minnesota Commerce Department published the periodic adjustment in dollar amounts effective July 1, 2018 through June 30, 2020. The adjustments are based on a 10% increase. The dollar amount adjustments include:
§47.59 Subd. 3
Principal Subject to 33% Interest
§47.59 Subd. 6
Loan Administration Fee Threshold
LB 194 was approved by the governor on April 19, 2018. The bill modifies the Credit Services Organization Act, the Delayed Deposit Services Licensing Act, and the Nebraska Installment Loan Act. The law prohibits brokerage fees or any other fees in connection with a loan governed by the Nebraska Installment Loan Act. LB 194 specifies that the minimum term for a loan contract under the Nebraska Installment Loan Act is six months.
The Department of Consumer Credit published the changes in dollar amounts which will become effective July 1, 2018. Included in the adjustments are the following:
Retail Installment Sales, §2-201:
The greater of: 30% of the amount financed up to $1,530; plus
21% of the excess to $5,100; plus
15% of the remainder to $55,800;
The dollar amounts under §3-508(A) remain the same.
$1.00 - $152.95
$5.10 for every $25.50 advanced
$152.96 - $ 178.50
Flat 10% plus $15.30
$178.51 - $357.00
Flat 10% plus $17.85
$357.01 - $510.00
Flat 10% plus $20.40
$510.01 - $765.00
Flat 10% plus $22.95
$765.01 - $1,530.00
Flat 10% plus $25.50
The dollar amount brackets and ceilings subject to adjustment in the Texas Financial Code will increase as follows:
Consumer Loans - §342.201
(Add-On Rates)
$18 per $100 per annum of the cash advance to $2,100 plus,
$ 8 per $100 per annum of the excess to $17,500.00
(Simple Melded Rates)
30% per annum of the cash advance to $3,500 plus,
24% of the excess to $7,350 plus,
18% of the remainder to $17,500.00
Retail Installment Sales ("Other Goods") - §345.055
$12 per $100 per annum of the principal balance to $3,500 plus,
$10 per $100 per annum of the excess to $7,000 plus,
$ 8 per $100 per annum of the remainder.