As read at WisPolitics.com: Senate Bill 530 currently calls for a $900 limit on the size of payday loans, place zoning restrictions on payday lenders and allow one rollover loan for customers who fail to pay initial loans. The state Assembly’s version, Bill 447, would impose a limit on loans of $600 or 35 percent of […]
Category Archives: title loans
Virginia title loan bill clears house
“The bill originated in the Senate, which passed it last month. Modeled roughly on a similar law in Tennessee, the legislation would limit the loans to a year’s length, shrink the pool of eligible borrowers, restrict the loan amount to half the car’s value, and prevent new interest from being heaped on after a vehicle […]
Posted in title loans
D.C. announces settlement of car title loans
I’m a little shocked about this settlement. “D.C. Attorney General Peter Nickles announced last week that the District has resolved lawsuits against two Northern Virginia automobile title lenders that have agreed to repay more than $1 million to hundreds of D.C. residents who lost their cars and were forced to pay thousands in interest for […]
Posted in title loans
New title loan rules in Illinois
If you lend in Illinois, the new title loan rules go into effect on April 1st. Here are some relevant points with regards to the new laws. Some of this is systems based while other parts is operational. The loan must be computed at simple interest and must be fully amortized. The maximum loan amount […]
Also posted in Illinois
Limits on Title Loans in Illinois
Most title lenders in Illinois give loans of atleast 61 days or greater. The new rule would will not except these lenders from refinance limitations and instigate a cool off period. I have no idea how they’re going to enforce this. How does a lender know if someone else gave a person a loan less […]
Also posted in Illinois
