This bill caps interest rates on loans outside the banking system at an annual rate of 3%. CPAC opposes this subterfuge to hide the practical effect of this rule over the usual so-called payday loan rate of 3% per month (the usual length the loan) or $3 interest on a loan of $100, and opposed this bill. The Senate passed the bill on March 14, 2024, by a vote of 38-0, and the bill later became law.