REGULATION-TITLE LOANS
Summary
Amends the Consumer Installment Loan Act. Provides that a title loan lender shall not contract for or receive a finance charge exceeding 36% per year on the unpaid balance of a loan secured by a motor vehicle title. Provides that if the borrower defaults, interest shall cease to accrue on the title loan. Provides that the motor vehicle sale proceeds shall satisfy all outstanding debt under that title loan, and that the borrower shall not be liable for attorney's fees or deficiency resulting from that sale. Requires title loan borrowers receive any surplus from the sale of their vehicle. Defines "titled-secured loans".
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2017
Committee Review
Floor Vote
Governor
Introduced Feb 10, 2017
Last action Jan 8, 2019
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
6
Key actions
0
Committee
3
Jan 8, 2019
House · Failed
Session Sine Die
Mar 31, 2017
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Mar 1, 2017
House · Referred to committee
Assigned to Consumer Protection Committee
Feb 10, 2017
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Christian L. Mitchell
DDemocratic
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