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Kansas bill places rate cap on payday loans

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Kansas bill places rate cap on payday loans

Kansas' House Committee on Financial Institutions and Pensions has introduced a bill capping interest rates on open-ended short-term loans at 36% per annum.

HB 2267 would also amend current law so that the 36% cap is inclusive of all fees, interest and charges, including ancillary product costs. In the cases of loans of $500 or less, lenders will be prohibited from having more than one loan outstanding to the borrower, down from two loans outstanding. Maximum monthly fees and payment amounts would also be imposed, and total loan charges capped at 50% of the principal amount.

In addition, HB 2267 requires lenders to submit data regarding their loans, which will be compiled and made public at least annually.

The bill has been referred to the Committee on Federal and State Affairs.