SB 125 – Modifies the law relating to title loans

• Sponsor: Keaveny
• LR Number: 0791S.01I
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 4/11/2011 - SCS Voted Do Pass S Financial and Governmental Organizations and Elections Committee - (0791S.02C)
• Effective Date: August 28, 2011

Current Bill Summary

SCS/SB 125 - This act modifies the law relating to title loans.

This act specifies that the title loan laws apply to those who should be licensed as title lenders including those selling disguised title loans and those engaged in subterfuge for the purposes of evading title lender regulations.

This act caps the duration of a title loan agreement at 45 days.

Persons shall not use the terms "title loans", "title lending", or other designations indicating the person is a title lender.

CHRIS HOGERTY