Skip to main content

Search

Consumer Credit Regulation: 12.2.4.25 Mississippi

In Mississippi, auto title lending is authorized by the state’s Title Pledge Act.128 Lenders are permitted to charge a “title pledge service charge” of 25% per month (300% per year).129 Auto title loans mature thirty days from the date of the transaction130 and may be rolled over for additional thirty-day periods.131 Beginning with the first rollover, the borrower is required to reduce the principal a

Consumer Credit Regulation: 12.2.4.26 Missouri

Auto title lending is authorized in Missouri.135 Title loan agreements must be at least thirty days in duration.136 Loan rollovers are permitted.137 However, beginning with the third loan rollover, and any subsequent renewals, the borrower is required to reduce the principal by 10% until the loan is fully repaid.138 Lenders are permitted to charge any interest rate agreed to by the parties.

Consumer Credit Regulation: 12.2.4.29 Nevada

In Nevada, auto title lending is authorized by statute.142 Loan agreements are generally limited to thirty days and up to six rollovers are permitted also for thirty days.143 However, loan agreements may extend up to 210 days if: the loan is repaid in installments; the payments fully amortize; the loan is not subject to any extension; the loan does not require a balloon payment; and the loan is not a deferred deposit loan.144 Lenders are prohibited

Consumer Credit Regulation: 12.2.4.30 New Hampshire

Auto title lending is authorized in New Hampshire.148 The original loan term cannot exceed one month.149 Lenders are permitted to roll loans over up to nine times, provided that, at each renewal, the borrower pays at least 10% of the loan’s original principal balance, in additional to any finance charges owed.150 If the borrower cannot do so, the lender can either (1) declare the loan in default or (2) allow the loan to be renewed, but with a reduc

Consumer Credit Regulation: 12.2.4.32 New Mexico

New Mexico does not have an auto title lending statute and its pawn statute does not reference auto title loans. Until January 1, 2018, its small loan act, applicable to loans up to $10,000, payable in at least four installments over at least 120 days,158 did not cap interest rates.

Consumer Credit Regulation: 12.2.4.36 Ohio

Ohio does not have an auto title lending statute, and its pawn statute explicitly excludes auto title lending because it requires the vehicle, not just the title to be pawned.161 However, Ohio’s installment loan laws, all of which, other than its short-term loan law, allow lenders to take security interests in vehicles, authorize interest and fees that can exceed a 200% APR.

Consumer Credit Regulation: 12.2.4.43 South Dakota

In South Dakota, auto title lending is authorized by statute.179 The law did not contain any interest rate cap until 2016, when the voters approved an initiative that sets a 36% cap, including all ancillary charges, on non-bank loans, including auto title loans.

Consumer Credit Regulation: 12.2.4.45 Texas

In Texas, auto title lending is authorized by statute.192 Interest rates on auto title loans are not capped and lenders are permitted to charge any fees for their services as agreed to between the parties.193 Lenders are merely required to disclose to the borrower the interest, fees, and APR that will be charged in the transaction, as well as the amount of accumulated fees that the borrower will incur if the agreement is rolled over.

Consumer Credit Regulation: 12.2.4.46 Utah

Auto title lending is authorized in Utah by the Title Lending Registration Act.196 The law does not contain any interest rate or fee caps, and rollovers are permitted.197 The law prohibits a lender from making a loan without considering the borrower’s ability to repay, and further requires the lender to examine the borrower’s income, expenses, and employment.

Consumer Credit Regulation: 12.2.4.48 Virginia

Auto title lending is authorized in Virginia.198 The law applies whether or not the lender is physically located within the state, and applies to loans made over the internet to Virginia residents and any individual who is in Virginia.199 The monthly interest rate cannot exceed 36% annually, but a monthly charge of 8% of the loan amount or $15, whichever is less, is also permitted.200 Fees