Motor vehicle equity loans; establishes requirements, penalties. (SB424)

Introduced By

Sen. Mark Herring (D-Leesburg)

Progress

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

Description

Motor vehicle equity loans; penalties.  Establishes requirements for motor vehicle equity loans, which are nonpurchase-money closed-end loans secured by an interest in a motor vehicle. Interest may not exceed a monthly rate of three percent. The maximum amount of a motor vehicle equity loan is 50 percent of the vehicle's value, not to exceed $2,500. The maximum term of a loan is one year. Motor vehicle equity lenders are required to be licensed by the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violations are subject to civil and criminal penalties. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/13/2010Prefiled and ordered printed; offered 01/13/10 10101957D
01/13/2010Referred to Committee on Commerce and Labor
01/20/2010Impact statement from SCC (SB424)
02/17/2010Left in Commerce and Labor