summary
Introduced
01/28/2020
01/28/2020
In Committee
03/03/2020
03/03/2020
Crossed Over
Passed
Dead
06/26/2020
06/26/2020
Introduced Session
2019-2020 Regular Session
Bill Summary
1 To amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, 2 so as to enact the "Motor Vehicle Title Loan Act"; to provide for legislative findings; to 3 provide for a short title; to provide for definitions; to authorize the Department of Banking 4 and Finance to license and regulate motor vehicle title lenders; to provide for procedures, 5 conditions, and limitations relative to motor vehicle title loans; to establish licensing 6 requirements; to authorize the department to use the Nationwide Multistate Licensing System 7 and Registry; to require the investigation and examination of applicants and licensees; to 8 provide for fees; to establish record keeping, bond, and reporting requirements; to require 9 approval of certain licensee changes; to establish procedures for unauthorized activities; to 10 provide for loan agreements; to limit terms and charges for motor vehicle title loans; to 11 provide for rights and requirements of lenders and borrowers in case of default; to provide 12 for prohibitions; to provide for criminal penalties; to allow certain legal actions; to amend 13 Chapter 47 of Title 43 and Title 44 of the Official Code of Georgia Annotated, relating to 14 used motor vehicle and used motor vehicle parts dealers and property, respectively, so as to 15 make conforming changes relative to pawnbrokers; to provide for related matters; to provide 16 for contingent effective dates; to provide for applicability; to repeal conflicting laws; and for 17 other purposes. 18
AI Summary
This bill enacts the "Motor Vehicle Title Loan Act" to regulate the business of making motor vehicle title loans in Georgia. The key provisions include:
Requiring all motor vehicle title lenders to be licensed by the Department of Banking and Finance, which will be responsible for licensing, investigating, and overseeing title lenders. The bill establishes requirements for obtaining and maintaining a license, as well as grounds for denying, suspending, or revoking a license.
Authorizing the Department to participate in the Nationwide Multistate Licensing System and Registry to facilitate information sharing and standardization of licensing processes.
Setting requirements for title loan agreements, including limits on loan terms and charges, and providing rights and requirements for lenders and borrowers in case of default.
Prohibiting certain practices, such as making loans based on false or missing information, and establishing criminal penalties for violations.
Allowing borrowers to bring civil actions against lenders for violations, and giving the Department authority to pursue administrative actions and enforce orders.
This bill also makes conforming changes to laws related to used motor vehicle dealers and pawnbrokers to account for the new regulations on motor vehicle title lenders.
Committee Categories
Budget and Finance
Sponsors (5)
Ed Harbison (D)*,
Chuck Hufstetler (R)*,
Zahra Karinshak (D)*,
Sheikh Rahman (D)*,
Randy Robertson (R)*,
Last Action
Senate Read Second Time (on 03/04/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | http://www.legis.ga.gov/Legislation/20192020/191797.pdf |
| BillText | http://www.legis.ga.gov/Legislation/20192020/188758.pdf |
| Bill | http://www.legis.ga.gov/legislation/en-us/display/20192020/sb/329 |
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