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Car Title Lending Regulations Advance To Va. Senate Vote

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By Rebecca Blatt

The Virginia Senate is expected to vote on a bill to regulate car title lenders in the Commonwealth.

Car title lenders are unregulated in Virginia. Many lend up to 50 percent of a car's value, charge more than 300 percent interest and repossess the borrower's vehicle if he or she falls behind on repayment.

Advocates have called for regulation and caps on the amount of interest that can be charged. The lenders have said some proposals especially interest rate caps would put them out of business.

Virginia's Senate Commerce and Labor Committee voted unanimously Monday in favor of a set of regulations that would put a one-year limit on the loans, set up a maximum interest rate and require the lenders to be licensed.

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