Car Title Lending Bill Headed to House Floor

Print this

Staunton News Leader 
March 5, 2010

In Virginia, the House Commerce and Labor Committee approved a bill to restrict loan amounts and fees on car title loans, whose lenders currently are not regulated and impose interest rates higher than 300 percent. Car title lenders also are permitted to repossess vehicles when borrowers cannot make payments. The legislation -- which was passed already by the Senate -- was altered by the committee so that lenders could continue charging defaulted borrowers who hide their vehicles.
Web Link
 

 

Abstract News © Copyright 2008 INFORMATION, INC.
Powered by Information, Inc.