Motor Vehicle Equity Loans Act; created. (HB1514)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Motor vehicle equity loans; penalties. Establishes a system for licensing and regulating revolving lines of credit secured by equity in a motor vehicle. The maximum amount of a motor vehicle line of credit is $10,000. Interest and fees may be imposed at such rates as may be agreed upon by the lender and borrower. Lenders are required to be licensed with the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violators are subject to civil and criminal penalties. Making unlicensed motor vehicle equity loans, or arranging or brokering motor vehicle equity loans, is punishable as a Class 1 misdemeanor. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/20/2006Presented and ordered printed 066187372
01/20/2006Referred to Committee on Commerce and Labor
01/24/2006Assigned C & L sub: Financial Institutions (Dudley)
01/29/2006Fiscal impact statement from SCC (HB1514)
02/09/2006Reported from Commerce and Labor with amendments (15-Y 5-N) (see vote tally)
02/11/2006Read first time
02/13/2006Read second time
02/13/2006Committee amendments agreed to
02/13/2006Engrossment refused by House
02/13/2006Engrossment reconsidered by House
02/13/2006Motion to rerefer to committee agreed to
02/13/2006Rereferred to Commerce and Labor
02/13/2006Pursuant to House Rule 22
02/13/2006Continued to 2007 in Commerce and Labor
12/08/2006Left in Commerce and Labor