House Sponsors: SOTO. Short description: SHORT-TERM LOAN ACT Synopsis of Bill as introduced: Creates the Short-term Loan Act. Provides that a short-term loan is a loan that has both a term of not more than 30 days and an interest rate of more than 36%. Requires lenders to disclose a toll-free telephone number for the Department of Financial institutions. Provides that the appraisal of motor vehicles that secure loans may not exceed the vehicle's "blue book" value. Requires lenders to provide debt management counseling information to defaulting borrowers. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status