HB 353: Pawnbrokers; fixed term pawn transactions for loans involving the pledge of a motor vehicle as security; provideVoted on Friday March 3, 2017
John Pezold's thoughts
HB 353 allows title pawnbrokers to offer the product of a fixed-term pawn transaction with an end date not to exceed 24 months. Any payment made to the pawnbroker must go to both the principal and the interest charged with the interest charged going forward being on the reduced principal. Moreover, the bill prohibits the title pawnbroker from assessing pre-payment penalties and caps the amount of fees that can be charged for the repossession and sale of a motor vehicle at $250.
In the even of a default, any excess proceeds from the sale of a repossessed vehicle must be remitted to the borrower.
HB 353 also gives the borrower a 30-day grace period after missing a payment to redeem or repurchase the motor vehicle and pawnbrokers must provide a statement to any potential borrower with the number and web address of the Governor's Office of Consumer Protection.More information on legis.ga.gov
The table below breaks down the total number of votes, and marks the majority vote.
|Did not vote||8||4.4%|