Motor vehicle title loans; caps interest rate. (SB751)

Introduced By

Sen. Mamie Locke (D-Hampton)

Progress

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

Description

Motor vehicle title loans; interest rate.  Caps the rate of interest that may be charged on a motor vehicle title loan at 36 percent per year. Currently, interest on such loans may not exceed 22 percent per month on the portion of the outstanding balance of the loan that does not exceed $700; 18 percent per month on the portion between $700 and $1,400; and 15 percent per month on the portion that exceeds $1,400. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
11/17/2010Prefiled and ordered printed; offered 01/12/11 11100438D
11/17/2010Referred to Committee on Commerce and Labor
01/17/2011Failed to report (defeated) in Commerce and Labor (4-Y 10-N) (see vote tally)

Comments

Mary Walls writes:

This comment is not on this bill but on another predatory lending bill which your site is not tracking.

Senate Bill 1367 (Saslaw) would allow motor vehicle title loans to non-residents. This bill just narrowly passed the House. It is another law promoting predatory lending which bordering states have restricted. Now, Virginia will become a hub for this immoral practice. Just wondering why your group did not oppose this bill.

Waldo Jaquith, Richmond Sunlight writes:

This comment is not on this bill but on another predatory lending bill which your site is not tracking. Senate Bill 1367 (Saslaw) would allow motor vehicle title loans to non-residents.

Mary, we are tracking SB1367, as we track all legislation that comes before the General Assembly every year.

Just wondering why your group did not oppose this bill.

Richmond Sunlight does not support or oppose particular bills. I suspect that you've followed a link to Richmond Sunlight from an advocacy organization, and you have confused our site with their site.