Motor vehicle title loans; caps interest rate. (SB751)
Introduced By
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
Date | Action |
---|---|
11/17/2010 | Prefiled and ordered printed; offered 01/12/11 11100438D |
11/17/2010 | Referred to Committee on Commerce and Labor |
01/17/2011 | Failed to report (defeated) in Commerce and Labor (4-Y 10-N) (see vote tally) |
Comments
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.
Mary, we are tracking SB1367, as we track all legislation that comes before the General Assembly every year.
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.