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2018 SESSION

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HB 466 Payday loans & motor vehicle title loans; purchase from federally chartered financial institution.

Introduced by: Lee J. Carter | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Payday loans; motor vehicle title loans; purchase from federally chartered financial institution. Prohibits a licensed payday lender or motor vehicle title lender (a licensee) from acquiring a payday loan or motor vehicle title loan from a federally chartered bank or savings institution if the terms of the loan would violate Virginia law if the loan was made by a licensee. The prohibition applies if the loan is made to a Virginia resident and if the licensee, under the terms of its purchase or acquisition of the loan, assumes or acquires rights of the federally chartered bank or savings institution as lender with respect to the loan. The measure provides that such a loan acquired by a licensee in violation of this prohibition is unenforceable against the borrower.


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