The General Assembly has passed sweeping reforms to the car title lending industry meant to protect borrowers from an endless cycle of debt while not going so far as to run the lenders out of the state.
The Senate voted 36-4 Thursday to agree with changes to the bill made in the House, sending the measure to Gov. Bob McDonnell.
The bill would limit how much the companies lend and charge borrowers. It would put a one-year limit on the loans, set up a maximum interest rate and require the lenders to be licensed.
Currently the lenders are unregulated, charge more than 300 percent interest and can repossess a borrower's vehicle if he falls behind on the payments.
If signed by McDonnell, the law would take effect Oct. 1.
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Va. car title lending reform passes
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TriCities.com
Published: March 12, 2010
Published: March 12, 2010
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