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2017 SESSION

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HB 346 Consumer finance companies; motor vehicle title loans, prohibited practices.

Introduced by: Peter F. Farrell | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Consumer finance companies; motor vehicle title loans. Prohibits any consumer finance company from making loans secured by a non-purchase money security interest in a motor vehicle at any location where a motor vehicle title lender is authorized to conduct business. Any loan contract made by a consumer finance company that violates this prohibition shall be unenforceable against the borrower. The measure also deletes an exception to the limits on the interest rate that may be charged when a consumer finance lender makes a motor vehicle title loan.


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