Motor Vehicle Equity Loans Act; created. (HB1514)
Introduced By
Del. Terry Kilgore (R-Gate City)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
✗ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Motor vehicle equity loans; penalties. Establishes a system for licensing and regulating revolving lines of credit secured by equity in a motor vehicle. The maximum amount of a motor vehicle line of credit is $10,000. Interest and fees may be imposed at such rates as may be agreed upon by the lender and borrower. Lenders are required to be licensed with the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violators are subject to civil and criminal penalties. Making unlicensed motor vehicle equity loans, or arranging or brokering motor vehicle equity loans, is punishable as a Class 1 misdemeanor. Read the Bill »
Status
02/13/2006: Failed to Pass in Committee
History
Date | Action |
---|---|
01/20/2006 | Presented and ordered printed 066187372 |
01/20/2006 | Referred to Committee on Commerce and Labor |
01/24/2006 | Assigned C & L sub: Financial Institutions (Dudley) |
01/29/2006 | Fiscal impact statement from SCC (HB1514) |
02/09/2006 | Reported from Commerce and Labor with amendments (15-Y 5-N) |
02/11/2006 | Read first time |
02/13/2006 | Read second time |
02/13/2006 | Committee amendments agreed to |
02/13/2006 | Engrossment refused by House |
02/13/2006 | Engrossment reconsidered by House |
02/13/2006 | Motion to rerefer to committee agreed to |
02/13/2006 | Rereferred to Commerce and Labor |
02/13/2006 | Pursuant to House Rule 22 |
02/13/2006 | Continued to 2007 in Commerce and Labor |