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

01/26/2016: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/05/2016Committee
01/05/2016Prefiled and ordered printed; offered 01/13/16 16102706D
01/05/2016Referred to Committee on Commerce and Labor
01/19/2016Impact statement from SCC (HB346)
01/26/2016Assigned to sub: Special Sub-Consumer Lending
02/04/2016Continued to 2017 in Commerce and Labor