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