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2016 SESSION

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SB 406 Consumer finance companies; open-end credit plans, sharing location with motor vehicle title lender.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Consumer finance companies; open-end credit plans; sharing location with motor vehicle title lender. Prohibits any consumer finance company or person extending credit under an open-end credit plan from making loans at any location where a motor vehicle title lender is authorized to conduct business. The measure also prohibits a motor vehicle title lender from authorizing or permitting a consumer finance company or open-end credit plan lender to conduct business at any location where the motor vehicle title lender is authorized to conduct business. Any loan contract made by a consumer finance company or open-end credit plan lender from a title lender's place of business shall be unenforceable against the borrower. The measure does not prohibit the collection of any outstanding consumer finance loan or extension of credit made prior to the measure's effective date.


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