Car Title Progress
By: LaTonya Reed
Last week, the House passed legislation to regulate car title lending in Virginia by a vote of 96 to 2. Although far from ideal — and I mean far — the measure is a significant step forward for low and moderate income consumers. For starters, the bill closes the open-end credit loophole to car title lenders. That was one thing we were working toward. The bill also requires car title lenders to be licensed and regulated by the State Corporation Commission. That was something else we wanted.
