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2011 SESSION
SB 1367 Motor vehicle title loans; loans to nonresidents.
Introduced by: Richard L. Saslaw | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Motor vehicle title loans; nonresidents. Eliminates provisions that prevent motor vehicle title lenders from making title loans to individuals whose motor vehicle is registered in another state. Currently, a title lender is required to have its security interest in the motor vehicle added to the vehicle's certificate of title by complying with the requirements of Virginia's motor vehicle laws. This measure will allow title loans to be made to nonresidents of Virginia provided the lender's security interest is added to its certificate of title by complying with the laws of the state where it is registered.
SUMMARY AS INTRODUCED:
Motor vehicle title loans; nonresidents. Eliminates provisions that prevent motor vehicle title lenders from making title loans to individuals whose motor vehicle is registered in another state. Currently, a title lender is required to have its security interest in the motor vehicle added to the vehicle's certificate of title by complying with the requirements of Virginia's motor vehicle laws. This measure will allow title loans to be made to nonresidents of Virginia provided the lender's security interest is added to its certificate of title by complying with the laws of the state where it is registered. The measure has an emergency clause.