Open-end credit plan loans; prohibits person extending credit from charging interest at higher rate. (SB425)

Introduced By

Progress

√	Introduced
X	Passed Committee
☐	Passed House
☐	Passed Senate
☐	Signed by Governor
☐	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

Poll Results

No Richmond Sunlight visitors voted on this bill while voting was open.

Bill Text

Related Bills

SB606
Introduced: January 14, 2010
Status: signed by governor
: Motor vehicle title loans; establishes requirements, penalties.
HB412
Introduced: January 12, 2010
Status: Failed to Pass in Committee
: Payday and open-end credit lenders; local regulation and limits number thereof.
HB414
Introduced: January 12, 2010
Status: Failed to Pass in Committee
: Motor vehicle equity loans; establishes requirements, penalties.
SB167
Introduced: January 11, 2010
Status: Failed to Pass in Committee
: Open-end loan plans; caps finance charges and fees that may be charged on extension of credit.
HB187
Introduced: January 07, 2010
Status: Failed to Pass in Committee
: Open-end lending; provides extensions of credit secured by motor vehicle titles, caps interest.