Consumer finance companies; motor vehicle title loans, prohibited practices. (HB346)
Introduced By
Del. Peter Farrell (R-Henrico) with support from co-patron Del. Paul Krizek (D-Alexandria)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Consumer finance companies; motor vehicle title loans. Prohibits any consumer finance company from making loans secured by a non-purchase money security interest in a motor vehicle at any location where a motor vehicle title lender is authorized to conduct business. Any loan contract made by a consumer finance company that violates this prohibition shall be unenforceable against the borrower. The measure also deletes an exception to the limits on the interest rate that may be charged when a consumer finance lender makes a motor vehicle title loan. Read the Bill »
Status
02/04/2016: Failed to Pass in Committee
History
Date | Action |
---|---|
01/05/2016 | Committee |
01/05/2016 | Prefiled and ordered printed; offered 01/13/16 16102706D |
01/05/2016 | Referred to Committee on Commerce and Labor |
01/19/2016 | Impact statement from SCC (HB346) |
01/26/2016 | Assigned to sub: Special Sub-Consumer Lending |
02/04/2016 | Continued to 2017 in Commerce and Labor |