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