History of Actions | Background | Title |
Description: Loans; borrower must leave vehicle with lender when vehicle is collateral for loan.
| 1 | 01/07/97 | (H) | Referred To Banks and Banking | |
| 2 | 02/04/97 | (H) | Died In Committee |
| Effective date | July 1, 1997 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
House Committee:
Principal Author: Montgomery
Title: AN ACT TO PROVIDE THAT WHEN A PERSON BORROWS MONEY AND PLEDGES A MOTOR VEHICLE AS COLLATERAL, THE BORROWER SHALL TURN OVER PHYSICAL POSSESSION OF THE VEHICLE TO THE LENDER UNLESS THE BORROWER CREATES A SECURITY INTEREST IN THE VEHICLE AND FOLLOWS A PROCEDURE UNDER THE MOTOR VEHICLE TITLE LAW; TO PROVIDE THAT A LENDER MAY NOT ACCEPT THE CERTIFICATE OF TITLE OF A MOTOR VEHICLE FROM A BORROWER AS EVIDENCE OF COLLATERAL FOR A LOAN UNLESS THE BORROWER CREATES A SECURITY INTEREST IN THE VEHICLE AND FOLLOWS A PROCEDURE UNDER THE MOTOR VEHICLE TITLE LAW; AND FOR RELATED PURPOSES.
End Of Document
1997/History/HB\HB0469.htm