Open-end lending; provides extensions of credit secured by motor vehicle titles, caps interest. (HB187)

Introduced By

Del. Joe Morrissey (D-Highland Springs) with support from co-patron Sen. Adam Ebbin (D-Alexandria)

Description

Open-end lending; car title loans.  Provides that extensions of credit under an open-end credit or similar plan by a seller or lender, under which interest currently may be charged at any rate on which the parties agree, may be made only by sellers of goods or services or by certain licensed or regulated financial institutions. The measure also authorizes such loans to be made by Consumer Finance Act licensees, who are prohibited from charging interest on such loans at a rate that exceeds 36 percent annually.   View Full Text »

Outcome

4 votes