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2006 SESSION

• | print version

SB 598 Motor vehicle equity loans; penalties.

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

SUMMARY AS INTRODUCED:

Motor vehicle equity loans; penalties.  Regulates motor vehicle equity loans, which are closed-end loans secured by an interest in a motor vehicle. The measure caps the interest on such loans at 20% per month for the first two months and 3% for the balance of the term. If such a loan is repaid in full within 48 hours, the loan shall not bear interest.  The maximum term of such a loan is 12 months. The maximum amount of a motor vehicle equity loan is 50% of the value of the motor vehicle. Lenders are required to be licensed with the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violators are subject to civil and criminal penalties. Making unlicensed motor vehicle equity loans, or arranging or brokering motor vehicle equity loans, is punishable as a Class 1 misdemeanor.

FULL TEXT

• 01/11/06  Senate: Presented and ordered printed 062681700  pdf | impact statement

HISTORY

• 01/11/06  Senate: Presented and ordered printed 062681700
• 01/11/06  Senate: Referred to Committee on Commerce and Labor
• 02/13/06  Senate: Continued to 2007 in Commerce and Labor (14-Y 1-N)