The Senate Commerce and Insurance committee gutted the bill on June 7 and replaced it with the bank origination language.

The final version of HB810 cleared the Senate by a 45-1 vote on June 11, only to be sent to the House Rules and Operations committee where it was not acted upon.

A key change from HB810 to SB162 is that if a loan or loan extension is for less than $5,000, the maximum annual percentage rate can be no higher than 36 percent.

That insertion was meant to answer concerns about predatory lending practices in payday loans, which typically are for less than $5,000.

Another change is that the maximum late fee could be no higher than 4 percent of the past due amount, or $35, whichever is higher.

“I think some of the small lenders and some organizations who focus on poverty wanted to make certain there was no space for predatory lenders,” Krawiec said. “We worked with them to make certain all concerns were addressed.

“I believe the bill will move smoothly through the House this session. We have met all concerns of the stakeholders, I believe. There appears to be no opposition.”