Senate Bill 0383
DIGEST OF SB 383 (Updated January 31, 2006 5:18 pm - DI 103)
Motor vehicle title loans. Provides that certain lenders may make loans for which the collateral is title to a motor vehicle. Provides that the interest rate for a motor vehicle title loan may not exceed 22%. Requires a motor vehicle title lender to provide certain warnings to borrowers. Sets forth procedures for: (1) repossessing a motor vehicle if a borrower defaults on a motor vehicle title loan; and (2) redeeming the title to a repossessed motor vehicle. Prohibits certain actions by motor vehicle title lenders and imposes penalties for violations.
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