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2005 SESSION

• | print version

SB 886 Consumer Finance Act; revolving loans secured by non-purchase-money security interest in motor veh.

Introduced by: J. Brandon Bell, II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Consumer Finance Act; motor vehicle title loans.  Makes revolving loans that are secured by a non-purchase-money security interest in a motor vehicle subject to the provisions of the Consumer Finance Act if they are for amounts of less than $6,000 and are made for personal, family, household, or other nonbusiness purposes. Currently, revolving loans are exempt from the Consumer Finance Act. The maximum annual rate of interest on loans subject to the Consumer Finance Act of up to $2,500 is 36 percent.

FULL TEXT

• 01/11/05  Senate: Prefiled & ordered printed; offered 01/12/05 054107700  pdf | impact statement

HISTORY

• 01/11/05  Senate: Prefiled & ordered printed; offered 01/12/05 054107700
• 01/11/05  Senate: Referred to Committee on Commerce and Labor
• 02/07/05  Senate: Stricken from docket by Commerce and Labor by voice vote