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