Open-end lending; provides extensions of credit secured by motor vehicle titles, caps interest. (HB187)
Introduced By
Sen. Joe Morrissey (D-Richmond) with support from co-patron Sen. Adam Ebbin (D-Alexandria)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Open-end lending; car title loans. Provides that extensions of credit under an open-end credit or similar plan by a seller or lender, under which interest currently may be charged at any rate on which the parties agree, may be made only by sellers of goods or services or by certain licensed or regulated financial institutions. The measure also authorizes such loans to be made by Consumer Finance Act licensees, who are prohibited from charging interest on such loans at a rate that exceeds 36 percent annually. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/07/2010 | Committee |
01/07/2010 | Prefiled and ordered printed; offered 01/13/10 10101712D |
01/07/2010 | Referred to Committee on Commerce and Labor |
02/16/2010 | Left in Commerce and Labor |