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Committee advances bill to create Consumer Alternative Installment Loan Act with capped rates for small‑dollar loans
Summary
House Bill 513 would create a state framework for alternative installment loans capped at specified rates, adjusting for the consumer price index; the Office of Financial Institutions and industry stakeholders discussed indexing and administrative costs during committee consideration.
The House Appropriations Committee advanced House Bill 513, which enacts the Louisiana Consumer Alternative Installment Loan Act to permit and regulate short‑term installment loans typically ranging from $700 to $5,000.
Sponsor Representative Reiser said the bill sets maximum interest rates, removes certain fees and ties future adjustments to the Consumer Price Index for…
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