SB598: Motor vehicle equity loans; penalties.

Chief Patron

Brandon Bell (R-Roanoke)
Served: 2004–

Progress

☑	Introduced
☐	Passed Committee
☐	Passed House
☐	Passed Senate
☐	Signed by Governor
☐	Became Law

Status

12/03/2008: Introduced
View Entire History

Summary

Motor vehicle equity loans; penalties. Regulates motor vehicle equity loans, which are closed-end loans secured by an interest in a motor vehicle. The measure caps the interest on such loans at 20% per month for the first two months and 3% for the balance of the term. If such a loan is repaid in full within 48 hours, the loan shall not bear interest. The maximum term of such a loan is 12 months. The maximum amount of a motor vehicle equity loan is 50% of the value of the motor vehicle. 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. View Full Text »

Poll Results

No Richmond Sunlight visitors voted on this bill while voting was open.

Bill Text

Keep track of the status of this bill as it moves through the General Assembly — subscribe via RSS.

Richmond Sunlight