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Consumer credit companies take hit: New auto title provision in state loan law ... Journal Times

29.05.10

RACINE — Charlie Buhler is afraid that Gov. Jim Doyle’s veto pen may have killed the business that Buhler’s grandfather started more than a half-century ago.

Last week, Doyle struck 33 words from a sentence in Senate Bill 530, a measure designed to put shackles on the payday loan industry. He left only the words, “No licensed lender may make a title loan” and the period.

The bill was intended to end the reign of predatory auto title lenders. 

But now the law, which takes effect Dec. 1, also affects consumer credit, or installment lenders. Those include chains such as American General, Riverside Finance and Security Finance; and the independent Motor Credit Corp., 2823 Lathrop Ave.

The veto eliminates the ability to borrow money with a vehicle as collateral — except to buy the vehicle.

Buhler, vice president at Motor Credit, said the law will kill a whopping 65 percent of Motor Credit’s business and may well put them out of business. 

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