VA SB606 | 2010 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2010 - 100% progression
Action: 2010-04-11 - Governor: Acts of Assembly Chapter text (CHAP0477)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2010 - 100% progression
Action: 2010-04-11 - Governor: Acts of Assembly Chapter text (CHAP0477)
Text: Latest bill text (Chaptered) [HTML]
Summary
Motor vehicle title loans; penalties. Establishes requirements for motor vehicle title loans, which are nonpurchase money term loans secured by an interest in a motor vehicle. Under this measure, interest shall not exceed 22 percent per month on the portion of the outstanding balance of the loan that does not exceed $700; 18 percent per month on the portion between $700 and $1,400; and 15 percent per month on the portion that exceeds $1,400. Loans may not be for more than 50 percent of the motor vehicle's value as stated in a recognized pricing guide, if listed in such a guide. Principal and interest are required to be repaid in substantially equal monthly payments over the term of the loan, which shall be between 120 days and one year. Interest does not accrue on a loan after the motor vehicle securing the loan has been repossessed or after 60 days following the failure to make a payment unless the borrower is concealing the vehicle. Lenders are barred from seeking a deficiency judgment against a borrower following repossession or sale of the motor vehicle, absent misconduct by the borrower. A lender that does not give the borrower 10 days written notice before repossessing a motor vehicle is barred from collecting the costs of repossession and sale from the borrower. A lender may not charge the borrower for storage fees after the motor vehicle is repossessed or surrendered. Motor vehicle equity lenders are required to be licensed by the State Corporation Commission and are required to post a bond, or equivalent instrument approved by the Commission, of $50,000 per location and $500,000 in the aggregate. An applicant for a license is not required to produce certain records and documents regarding open-end loans made prior to October 1, 2007, and the matters involving loans secured by motor vehicles will not bar an applicant from licensure if they have been reviewed and resolved. A violation of the measure is a prohibited practice under the Consumer Protection Act. Violations are subject to civil and criminal penalties. The measure becomes effective on October 1, 2010.
Title
Motor vehicle title loans; establishes requirements, penalties.
Sponsors
Roll Calls
2010-03-11 - Senate - Senate: House substitute with amendment agreed to by Senate (36-Y 4-N) (Y: 36 N: 4 NV: 0 Abs: 0) [PASS]
2010-03-11 - Senate - Senate: Reconsideration of House substitute with amendment agreed to by Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2010-03-11 - Senate - Senate: House substitute with amendment agreed to by Senate (37-Y 2-N 1-A) (Y: 37 N: 2 NV: 0 Abs: 1) [PASS]
2010-03-08 - House - House: VOTE: --- PASSAGE (96-Y 2-N) (Y: 98 N: 2 NV: 2 Abs: 0) [PASS]
2010-03-04 - House - House: Reported from Commerce and Labor with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2010-02-15 - Senate - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2010-03-11 - Senate - Senate: Reconsideration of House substitute with amendment agreed to by Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2010-03-11 - Senate - Senate: House substitute with amendment agreed to by Senate (37-Y 2-N 1-A) (Y: 37 N: 2 NV: 0 Abs: 1) [PASS]
2010-03-08 - House - House: VOTE: --- PASSAGE (96-Y 2-N) (Y: 98 N: 2 NV: 2 Abs: 0) [PASS]
2010-03-04 - House - House: Reported from Commerce and Labor with substitute (21-Y 1-N) (Y: 21 N: 1 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2010-02-16 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2010-02-15 - Senate - Senate: Reported from Commerce and Labor with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2010-04-11 | Governor: Acts of Assembly Chapter text (CHAP0477) | |
| 2010-04-11 | Governor: Approved by Governor-Chapter 477 (effective - see bill) | |
| 2010-03-25 | Senate: Signed by President | |
| 2010-03-22 | House: Signed by Speaker | |
| 2010-03-22 | Senate: Bill text as passed Senate and House (SB606ER) | |
| 2010-03-22 | Senate: Enrolled | |
| 2010-03-11 | Senate: Title replaced 10105580D-H1 | |
| 2010-03-11 | Senate: House substitute with amendment agreed to by Senate (36-Y 4-N) | |
| 2010-03-11 | Senate: Reconsideration of House substitute with amendment agreed to by Senate (39-Y 1-N) | |
| 2010-03-11 | Senate: House substitute with amendment agreed to by Senate (37-Y 2-N 1-A) | |
| 2010-03-10 | Senate: Passed by for the day | |
| 2010-03-08 | House: VOTE: --- PASSAGE (96-Y 2-N) | |
| 2010-03-08 | House: Passed House with substitute with amendment (96-Y 2-N) | |
| 2010-03-08 | House: Engrossed by House - committee substitute with amendment SB606H1 | |
| 2010-03-08 | House: Amendment by Delegate Nutter agreed to | |
| 2010-03-08 | House: Amendments by Delegate Morrissey rejected | |
| 2010-03-08 | House: Committee substitute agreed to 10105580D-H1 | |
| 2010-03-08 | House: Read third time | |
| 2010-03-05 | House: Read second time | |
| 2010-03-04 | House: Committee substitute printed 10105580D-H1 | |
| 2010-03-04 | House: Reported from Commerce and Labor with substitute (21-Y 1-N) | |
| 2010-02-18 | House: Referred to Committee on Commerce and Labor | |
| 2010-02-18 | House: Read first time | |
| 2010-02-18 | House: Placed on Calendar | |
| 2010-02-16 | Senate: Passed Senate (40-Y 0-N) | |
| 2010-02-16 | Senate: Constitutional reading dispensed (40-Y 0-N) | |
| 2010-02-16 | Senate: Engrossed by Senate - committee substitute SB606S1 | |
| 2010-02-16 | Senate: Committee substitute agreed to 10105403D-S1 | |
| 2010-02-16 | Senate: Reading of substitute waived | |
| 2010-02-16 | Senate: Read second time | |
| 2010-02-16 | Senate: Constitutional reading dispensed (38-Y 0-N) | |
| 2010-02-15 | Senate: Committee substitute printed 10105403D-S1 | |
| 2010-02-15 | Senate: Reported from Commerce and Labor with substitute (15-Y 0-N) | |
| 2010-01-14 | Senate: Referred to Committee on Commerce and Labor | |
| 2010-01-14 | Senate: Presented and ordered printed 10103115D |
Code Citations
| 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 |
