Motor vehicle title loans; establishes requirements, penalties. (SB606)
Introduced By
Sen. Dick Saslaw (D-Springfield) with support from co-patron Del. Kaye Kory (D-Falls Church)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
Motor vehicle title loans; penalties. Establishes requirements for motor vehicle title loans, which are nonpurchase money revolving loans secured by an interest in a motor vehicle. Under this measure, if the loan balance is not paid in full within a 25-day grace period (in which case interest does not accrue), interest shall 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. There is no cap on the size of such loans. Money advanced under the loan agreement is required to be repaid in monthly payments over the 12 months following an advance. Interest does not accrue on a loan after the motor vehicle securing the loan has been repossessed or after 60 days following the failure to make a payment. Lenders are barred from seeking a deficiency judgment against a borrower following repossession or sale of the motor vehicle. 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
History
Date | Action |
---|---|
01/14/2010 | Presented and ordered printed 10103115D |
01/14/2010 | Referred to Committee on Commerce and Labor |
01/20/2010 | Impact statement from VCSC (SB606) |
01/20/2010 | Impact statement from SCC (SB606) |
02/15/2010 | Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally) |
02/15/2010 | Committee substitute printed 10105403D-S1 |
02/16/2010 | Constitutional reading dispensed (38-Y 0-N) (see vote tally) |
02/16/2010 | Read second time |
02/16/2010 | Reading of substitute waived |
02/16/2010 | Committee substitute agreed to 10105403D-S1 |
02/16/2010 | Engrossed by Senate - committee substitute SB606S1 |
02/16/2010 | Constitutional reading dispensed (40-Y 0-N) (see vote tally) |
02/16/2010 | Passed Senate (40-Y 0-N) (see vote tally) |
02/18/2010 | Placed on Calendar |
02/18/2010 | Read first time |
02/18/2010 | Referred to Committee on Commerce and Labor |
02/19/2010 | Impact statement from SCC (SB606S1) |
03/04/2010 | Reported from Commerce and Labor with substitute (21-Y 1-N) (see vote tally) |
03/04/2010 | Committee substitute printed 10105580D-H1 |
03/05/2010 | Read second time |
03/08/2010 | Read third time |
03/08/2010 | Committee substitute agreed to 10105580D-H1 |
03/08/2010 | Amendments by Delegate Morrissey rejected |
03/08/2010 | Amendment by Delegate Nutter agreed to |
03/08/2010 | Engrossed by House - committee substitute with amendment SB606H1 |
03/08/2010 | Passed House with substitute with amendment (96-Y 2-N) |
03/08/2010 | VOTE: --- PASSAGE (96-Y 2-N) (see vote tally) |
03/10/2010 | Passed by for the day |
03/11/2010 | House substitute with amendment agreed to by Senate (37-Y 2-N 1-A) (see vote tally) |
03/11/2010 | Reconsideration of House substitute with amendment agreed to by Senate (39-Y 1-N) (see vote tally) |
03/11/2010 | House substitute with amendment agreed to by Senate (36-Y 4-N) (see vote tally) |
03/11/2010 | Title replaced 10105580D-H1 |
03/11/2010 | Impact statement from SCC (SB606H1) |
03/22/2010 | Enrolled |
03/22/2010 | Bill text as passed Senate and House (SB606ER) |
03/22/2010 | Signed by Speaker |
03/24/2010 | Impact statement from SCC (SB606ER) |
03/25/2010 | Signed by President |
04/11/2010 | G Approved by Governor-Chapter 477 (effective - see bill) |
04/11/2010 | G Acts of Assembly Chapter text (CHAP0477) |