Most Active Stories
- Auto workers petition to block UAW, 2015 red snapper season and Cycling League state championship
- Gambling bill hearing, potential mental health cuts and Alzheimer's research
- Restraining order against Lear Corp, First Lady at Tuskegee and Tallapoosa County tax vote
- Red Snapper Season, Alabama High School Cycling League
- Where Poor Kids Grow Up Makes A Huge Difference
Car Title Loans
Wed March 13, 2013
Ala. House Panel Oks Bill Regulating Title Loans
An Alabama House Committee has approved a bill that would regulate the issuing of title loans, while allowing most of the title loan businesses to continue operating.
The House Financial Services Committee approved the bill known as the Alabama Title Loan Act Wednesday on a voice vote with only one vote against the proposed legislation. The bill now goes to the full House for debate.
Opponents claimed the bill does not address what they say are the exorbitant interest rates charged by the industry. Title loans are transactions where a person's vehicle is often used as collateral.
The bill's sponsor, Republican Rep. Lesley Vance of Phenix City, says the title loan industry is necessary because many people take out the loans when they're in need of financial help.