Motor vehicle equity loans; caps interest thereon. (SB565)

Introduced By

Mark Obenshain (R-Harrisonburg)
Served: 2004–

Progress

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

Description

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 percent per month for the first two months and three percent per month 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 percent 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 »

Status

01/09/2008: Awaiting a Vote in the Commerce and Labor Committee
View Bill's History

Video

Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/09/2008, 01/09/2008, 02/01/2008 and 02/01/2008.

Poll Results

7 votes

Bill Text

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