Open-end credit plan loans; prohibits person extending credit from charging interest at higher rate. (SB425)
Introduced By
Sen.
Mark Herring (D-Leesburg)
Mark Herring
(D-Leesburg)
Served: 2006–
Progress
☑ |
Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Open-end credit plans; loans secured by motor vehicle title. Prohibits a person extending credit under an open-end or similar plan from charging interest at a rate that exceeds 36 percent per year, unless the loan is secured by a bona fide purchase money security interest in goods sold by such person. View Full Text »
Outcome
Bill Has Failed
View Bill's History
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