Motor vehicle equity loans; establish system for licensing & regulating revolving lines of credit. (HB2000)

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. The measure will become effective October 1, 2007. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/08/2007Committee
01/08/2007Prefiled and ordered printed; offered 01/10/07 070169372
01/08/2007Referred to Committee on Commerce and Labor
01/22/2007Impact statement from SCC (HB2000)
02/06/2007Left in Commerce and Labor