Motor vehicle title lenders; narrows exemption for consumer finance companies. (SB166)

Introduced By

Sen. Scott Surovell (D-Mount Vernon) with support from co-patron Sen. Janet Howell (D-Reston)

Progress

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

Description

Motor vehicle title lenders; consumer finance companies. Narrows the exemption for consumer finance companies from laws regulating motor vehicle title lenders. The bill subjects a consumer finance company to provisions governing business methods, interest and other charges, monthly payments, loan terms, limited recourse, repossession and sale of a motor vehicle, and advertising if the company makes a loan that is (i) secured by a non-purchase money security interest in a motor vehicle and (ii) offered or made at an office, suite, room, or other place of business where a licensed motor vehicle title lender conducts the business of making motor vehicle title loans. Amends § 6.2-2202, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/30/2015Prefiled and ordered printed; offered 01/13/16 16100120D
12/30/2015Referred to Committee on Commerce and Labor
01/19/2016Impact statement from SCC (SB166)
01/25/2016Passed by indefinitely in Commerce and Labor (10-Y 3-N 1-A) (see vote tally)