RICHMOND — Virginia car title lenders doled out more loans in 2012 and sold thousands of cars repossessed to recoup outstanding loans, according to data collected by the State Corporation Commission. Car title lenders were unregulated in Virginia until October 2010, when a new law took effect that limited how much the companies can charge, how much they can lend and for how long. For years, Virginia regulators had no idea how many car title lenders operated in the state, how much interest they charged or how many loans they issued because the companies flew under the radar...
↧