Virginia House Bill 414 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 12 2010 - 25% progression, died in committee
Action: 2010-02-16 - House: Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Motor vehicle equity loans; penalties. Establishes requirements for motor vehicle equity loans, which are non-purchase money closed-end loans secured by an interest in a motor vehicle. The interest rate that currently may be charged on such loans is unlimited if the loan is structured as an open-end loan and the borrower does not pay the balance in full within a 25-day grace period. Under this measure, the maximum amount of a motor vehicle equity loan is 50 percent of the vehicle's value, not to exceed $2,500. Interest may not exceed a monthly rate of 10 percent for the first two months and three percent per month thereafter. The maximum term of a loan is one year. Motor vehicle equity lenders are required to be licensed by the State Corporation Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violations are subject to civil and criminal penalties.

Motor vehicle equity loans; establishes requirements, penalties.

Del. Glenn Oder [R]

Date	Chamber	Action
2010-02-16		House: Left in Commerce and Labor
2010-01-12		House: Referred to Committee on Commerce and Labor
2010-01-12		House: Prefiled and ordered printed; offered 01/13/10 10101461D

Chapter	Article	Section	Citation Type	Statute Text
59	1	200	(n/a)	See Bill Text
6	1	249	(n/a)	See Bill Text
6	1	330.55	(n/a)	See Bill Text
6	1	330.78	(n/a)	See Bill Text
6	1	480	(n/a)	See Bill Text
6	1	507	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?101+sum+HB414
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?101+ful+HB414+hil