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Committee approves change to retail auto installment statute for submonthly payment plans
Summary
The House Banking and Insurance Committee voted to report Senate Bill 145 favorably after Senator David Givens said the measure shortens the time a lender must wait before beginning collections on retail installment contracts with payment periods under 28 days and harmonizes a dollar threshold across statutes.
State Senator David Givens introduced Senate Bill 145 to the House Standing Committee on Banking and Insurance, saying the bill adjusts how retail installment contracts are treated when payments are more frequent than monthly and corrects an inconsistent dollar reference in statutes.
The bill shortens the waiting period before a retailer may start collections on retail automobile installment contracts that have payment intervals of…
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