SB1252
Financial institutions; loans and legal rate of interest.
Status:
Vetoed
Latest Action:
April 2, 2025
Senate: Senate sustained Governor's veto
Chief Patron:
Lamont Bagby (D)
Session:
2025 Regular Session
Summary
As Passed House of Origin. Financial institutions; loans and legal rate of interest.
Provides that for the purposes of provisions governing usury and the legal rate of interest, 'make' or 'making,' when used in reference to a loan, means advancing, offering to advance, or making a commitment to advance funds to a borrower for a loan. The bill provides that the prohibition against ... (More) a contract for the payment of interest on a loan at a rate that exceeds 12 percent per year applies to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including (i) making loans disguised as personal property sale and leaseback transactions; (ii) disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; and (iii) making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than permitted through any method, including mail, telephone, Internet, or any electronic means, regardless of whether the person has a physical location in the state. (Less)-
Bill History
- 01/08/2025 - Senate: Prefiled and ordered printed; Offered 01-08-2025 25102986D
- 01/08/2025 - Senate: Referred to Committee on Commerce and Labor
- 01/27/2025 - Senate: Reported from Commerce and Labor with substitute (9-Y 6-N)
- 01/27/2025 - Senate: Committee substitute printed 25106093D-S1
- 01/29/2025 - Senate: Rules suspended
- 01/29/2025 - Senate: Constitutional reading dispensed (on 1st reading) (38-Y 0-N)
- 01/29/2025 - Senate: Passed by for the day
- 01/30/2025 - Senate: Read second time
- 01/30/2025 - Senate: Reading of substitute waived
- 01/30/2025 - Senate: Commerce and Labor Substitute agreed to
- 01/30/2025 - Senate: Engrossed by Senate - committee substitute
- 01/31/2025 - Senate: Passed by for the day
- 02/02/2025 - Senate: Fiscal Impact Statement from State Corporation Commission (SB1252)
- 02/03/2025 - Senate: Read third time and passed Senate (34-Y 6-N)
- 02/06/2025 - House: Placed on Calendar
- 02/06/2025 - House: Read first time
- 02/06/2025 - House: Referred to Committee on Labor and Commerce
- 02/06/2025 - House: Assigned L & C sub: Subcommittee #1
- 02/10/2025 - House: Placed on Labor and Commerce Agenda
- 02/11/2025 - House: Subcommittee recommends reporting with amendment(s) (4-Y 3-N)
- 02/12/2025 - House: Placed on Labor and Commerce Agenda
- 02/13/2025 - House: Reported from Labor and Commerce with amendment(s) (12-Y 10-N)
- 02/17/2025 - House: Read second time
- 02/18/2025 - House: Read third time
- 02/18/2025 - House: Labor and Commerce Amendment agreed to
- 02/18/2025 - House: Engrossed by House as amended
- 02/18/2025 - House: Passed House with amendment (50-Y 47-N) Close Floor Vote
- 02/19/2025 - Senate: House Amendment agreed to by Senate (39-Y 1-N)
- 02/19/2025 - Senate: Reconsideration of (40-Y 0-N)
- 02/19/2025 - Senate: House amendment agreed to by Senate (29-Y 10-N 1-A)
- 03/07/2025 - Senate: Enrolled
- 03/07/2025 - Senate: Bill text as passed Senate and House (SB1252ER)
- 03/07/2025 - House: Signed by Speaker
- 03/10/2025 - Senate: Signed by President
- 03/11/2025 - Senate: Enrolled Bill Communicated to Governor on March 11, 2025
- 03/11/2025 - Governor's Action Deadline 11:59 p.m., March 24, 2025
- 03/24/2025 - Senate: Governor's Veto Received by Senate
- 03/24/2025 - Vetoed by Governor
- 04/02/2025 - Senate: Passed by for the day
- 04/02/2025 - Senate: Senate sustained Governor's veto
