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2010 SESSION
HB 414 Motor vehicle equity loans; establishes requirements, penalties.
Introduced by: G. Glenn Oder | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Motor vehicle equity loans; penalties. Establishes requirements for motor vehicle equity loans, which are non-purchase money closed-end loans secured by an interest in a motor vehicle. The interest rate that currently may be charged on such loans is unlimited if the loan is structured as an open-end loan and the borrower does not pay the balance in full within a 25-day grace period. Under this measure, the maximum amount of a motor vehicle equity loan is 50 percent of the vehicle's value, not to exceed $2,500. Interest may not exceed a monthly rate of 10 percent for the first two months and three percent per month thereafter. The maximum term of a loan is one year. Motor vehicle equity lenders are required to be licensed by the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violations are subject to civil and criminal penalties.
FULL TEXT
HISTORY
- 01/12/10 House: Prefiled and ordered printed; offered 01/13/10 10101461D
- 01/12/10 House: Referred to Committee on Commerce and Labor
- 02/16/10 House: Left in Commerce and Labor