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2010 SESSION

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SB 424 Motor vehicle equity loans; establishes requirements, penalties.

Introduced by: Mark R. Herring | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Motor vehicle equity loans; penalties.  Establishes requirements for motor vehicle equity loans, which are nonpurchase-money closed-end loans secured by an interest in a motor vehicle. Interest may not exceed a monthly rate of three percent. The maximum amount of a motor vehicle equity loan is 50 percent of the vehicle's value, not to exceed $2,500. 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.


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