Financial institutions: loans: interest rates.

Legislative status

1. Introduced
2. In Committee
3. Reported by Committee
4. Floor Vote Scheduled
5. Passed One Chamber
6. Passed Both Chambers
7. Sent to Executive
8. Signed into Law

Summary

The bill caps the annual percentage rate that lenders can charge on loans under $2,500 and on fees for deferred deposit (check‑cashing) transactions, using the Military Lending Act rates in effect on Jan. 1 2026. It makes it a crime for lenders to exceed those caps and bars extra charges for extensions or repeat agreements. The measure aims to protect low‑balance borrowers from high‑cost lending practices.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Hearings

• Banking and Finance Committee Hearing
  Banking and Finance · Apr 23, 2026

History

1. Apr 23, 2026In committee: Set, first hearing. Hearing canceled at the request of author.
2. Mar 9, 2026Referred to Com. on B. & F.
3. Feb 21, 2026From printer. May be heard in committee March 23.
4. Feb 20, 2026Read first time. To print.

Sponsors

• Berman · sponsor
• Aguiar-Curry

Bill text

Opens the legislature’s own copy.

Similar bills in other states

Loading the map of where bills like this one were filed.

Topics

Share