{"id":334,"date":"2017-12-12T18:27:20","date_gmt":"2017-12-12T23:27:20","guid":{"rendered":"https:\/\/titlelo.com\/blog\/?p=334"},"modified":"2024-06-03T11:48:53","modified_gmt":"2024-06-03T15:48:53","slug":"title-loan-laws","status":"publish","type":"post","link":"https:\/\/titlelo.com\/learn\/title-loan-laws\/","title":{"rendered":"Title Loan Regulations &#038; Statutes by State"},"content":{"rendered":"<p><img loading=\"lazy\" src=\"https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?resize=640%2C428&#038;ssl=1\" alt=\"title loan contract\" width=\"640\" height=\"428\" class=\"aligncenter size-medium wp-image-355\" srcset=\"https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?resize=640%2C428&amp;ssl=1 640w, https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?resize=768%2C513&amp;ssl=1 768w, https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?resize=960%2C640&amp;ssl=1 960w, https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?resize=449%2C300&amp;ssl=1 449w, https:\/\/i0.wp.com\/titlelo.com\/learn\/wp-content\/uploads\/cash-contract-keys.jpg?w=1000&amp;ssl=1 1000w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-recalc-dims=\"1\" \/><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/titlelo.com\/learn\/title-loan-laws\/#an_overview_of_title_loans\" title=\"An Overview of Title Loans\">An Overview of Title Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/titlelo.com\/learn\/title-loan-laws\/#title_loan_laws_vary_by_state\" title=\"Title Loan Laws Vary by State\">Title Loan Laws Vary by State<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/titlelo.com\/learn\/title-loan-laws\/#repossession_laws\" title=\"Repossession Laws\">Repossession Laws<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/titlelo.com\/learn\/title-loan-laws\/#title_loan_citations_statutes\" title=\"Title Loan Citations &#038; Statutes\">Title Loan Citations &#038; Statutes<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"an_overview_of_title_loans\"><\/span>An Overview of Title Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A title loan is a method of borrowing money based on the equity of your vehicle. Unlike bank loans, title loans are more accessible to borrowers that are underemployed, bankrupt or suffer from poor credit. Essentially, a title loan will let you borrow money using the title of your vehicle as collateral. You will continue to drive your car and have the extra cash you need. The requirements of a title loan can vary by state and lender. Typically, a lender will consider things like the market value of your car and your income to determine how much you can borrow and at what interest rate.<\/p>\n<div class=\"tip\">Title loans are not for everyone. Learn <a class=\"anchor\" href=\"https:\/\/titlelo.com\/learn\/what-is-a-title-loan\/\" rel=\"noopener\" target=\"_blank\">what title loans are<\/a> and whether they&#8217;re the best lending option for you.<\/div>\n<p>The basic requirement for getting a title loan in most states is that you be 18 years of age and have a lien-free title to a vehicle in your name. Some states have banned title loans altogether. While others have allowed them in either the same way as pawnbrokers or other short-term lenders. Some states have made specific laws to regulate what title lenders are allowed to do.  These regulations can be very specific and set limits for loan amounts or interest rates. For example, in New Mexico, you cannot borrow more than $2,500. While in Nevada, the borrowing limit is based on income and your monthly loan payment cannot be more than 25% of your pre-tax income.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"title_loan_laws_vary_by_state\"><\/span>Title Loan Laws Vary by State<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although some states have concrete guidelines for title loans, others have no limits on the amount you can borrow. In any event, borrowers should pay close attention to what they sign. They should make sure they thoroughly understand their obligations as title loans are short-term loans. That means borrowers will likely have a lot of interest to pay, but they will also have to do it quickly. Some states and some lenders may offer extensions, but others have the right to repossess your vehicle after the first missed payment. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"repossession_laws\"><\/span>Repossession Laws<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In New Mexico, for example, your car can be repossessed immediately after default. While in Kansas, a lender has to wait at least ten days after a missed payment before taking any steps towards repossession. In addition, the first step they can take is to give the borrower up to 20 additional days to make their payment. Even after your car has been repossessed, some states require lenders to give borrowers the opportunity to pay the loan balance and prevent the vehicle from being sold. <\/p>\n<p>However, even after your vehicle has been repossessed and sold, you may still owe money. Depending on the laws of your state if your car sells for less than what you owe you may have to pay the difference. And if your vehicle sells for more than you owe the laws of your state can decide whether you have the extra money returned to you or if it belongs to your lender. Title loans can vary widely from state to state, so it is essential to know your rights and obligations before getting a loan. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"title_loan_citations_statutes\"><\/span>Title Loan Citations &#038; Statutes<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As of January 31, 2018, car title loans are legal in 23 states. In 4 states (California, Kansas, Louisiana, and South Carolina), car title lending operate under legal loopholes. Title loan laws change periodically, therefore it is important to visit your state&#8217;s legislative website by clicking on the state&#8217;s citation link below.<br \/>\n\n<table id=\"tablepress-2\" class=\"tablepress tablepress-id-2\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">State<\/th><th class=\"column-2\">Overview<\/th><th class=\"column-3\">Citation<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Alabama<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/alabama-title-loan-laws\/\">Alabama Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/alisondb.legislature.state.al.us\/alison\/codeofalabama\/1975\/coatoc.htm\">Ala. Code \u00a75-19A-1 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Arizona<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/arizona-title-loan-laws\/\">Arizona Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.azleg.gov\/arsDetail\/?title=44\">Ariz. Stat. 44-281 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">California<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"https:\/\/leginfo.legislature.ca.gov\/faces\/codes_displayexpandedbranch.xhtml?tocCode=FIN&amp;division=1.7\">Cal. Financial Code \u00a74970 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Delaware<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/delaware-title-loan-laws\/\">Delaware Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/delcode.delaware.gov\/title5\/c022\/sc05\/index.shtml\">Del. Code Tit. 5 \u00a7\u00a7 2250 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\">Florida<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/florida-title-loan-laws\/\">Florida Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.leg.state.fl.us\/statutes\/index.cfm?App_mode=Display_Statute&amp;URL=0500-0599\/0537\/0537ContentsIndex.html\">Fla. Stat. 537 et seq.(537.001-537.018)<\/a><\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n\t<td class=\"column-1\">Georgia<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/georgia-title-loan-laws\/\">Georgia Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/law.justia.com\/codes\/georgia\/2016\/title-44\/chapter-12\/article-3\/part-5\/\">Ga. Code \u00a7\u00a7 44-12-130et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n\t<td class=\"column-1\">Idaho<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/idaho-title-loan-laws\/\">Idaho Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/legislature.idaho.gov\/statutesrules\/idstat\/title28\/t28ch46\/sect28-46-508\/\">Idaho Code Ann. \u00a7 28-46-501 to -509 <\/a><\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n\t<td class=\"column-1\">Illinois<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/illinois-title-loan-laws\/\">Illinois Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.idfpr.com\/dfi\/ccd\/pdfs\/08CC152AdoptedAmendments.pdf\">IL Admin. Code Tit. 38, \u00a7\u00a7110.300-430<\/a><\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n\t<td class=\"column-1\">Kansas<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/kansas-title-loan-laws\/\">Kansas Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.kslegislature.org\/li_2016\/b2015_16\/statute\/016a_000_0000_chapter\/016a_002_0000_article\/ \">Kan. Stat. Chap. 16a Article 2<\/a><\/td>\n<\/tr>\n<tr class=\"row-11 odd\">\n\t<td class=\"column-1\">Kentucky<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"http:\/\/www.lrc.ky.gov\/Statutes\/chapter.aspx?id=38643\">\tKy. Rev. Stat. 286.9-010 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-12 even\">\n\t<td class=\"column-1\">Louisiana<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/louisiana-title-loan-laws\/\">Louisiana Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/legis.la.gov\/Legis\/Law.aspx?d=918770\">RS 9:3578:1 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-13 odd\">\n\t<td class=\"column-1\">Mississippi<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/mississippi-title-loan-laws\/\">Mississippi Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.dbcf.state.ms.us\/documents\/cons_finance\/titlepledgeact2005.pdf\">Miss. Code \u00a7\u00a7 75-67-401 to -449<\/a><\/td>\n<\/tr>\n<tr class=\"row-14 even\">\n\t<td class=\"column-1\">Missouri<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/missouri-title-loan-laws\/\">Missouri Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/revisor.mo.gov\/main\/OneChapter.aspx?chapter=367\">Mo. Rev. Stat. \u00a7367.500-367.533<\/a><\/td>\n<\/tr>\n<tr class=\"row-15 odd\">\n\t<td class=\"column-1\">Minnesota<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"https:\/\/www.revisor.mn.gov\/statutes\/?id=47.60\">Minn. Stat. \u00a7 47.60 et seq<\/a><\/td>\n<\/tr>\n<tr class=\"row-16 even\">\n\t<td class=\"column-1\">Montana<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"http:\/\/leg.mt.gov\/bills\/mca\/title_0310\/chapter_0010\/parts_index.html\">Mont. Code 31-1-701 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-17 odd\">\n\t<td class=\"column-1\">Nevada<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/nevada-title-loan-laws\/\">Nevada Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.leg.state.nv.us\/NRS\/NRS-604A.html\">Nev. Rev. Stat. \u00a7 604A.105<\/a><\/td>\n<\/tr>\n<tr class=\"row-18 even\">\n\t<td class=\"column-1\">New Hampshire<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"http:\/\/gencourt.state.nh.us\/rsa\/html\/NHTOC\/NHTOC-XXXVI-399-A.htm\">N.H. Rev. Stat.\u00a7 399-A<\/a><\/td>\n<\/tr>\n<tr class=\"row-19 odd\">\n\t<td class=\"column-1\">New Mexico<\/td><td class=\"column-2\">New Mexico Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/law.justia.com\/codes\/new-mexico\/2006\/nmrc\/jd_ch58art15-129d1.html\">N.M. Stat. Ann. \u00a7\u00a7 58-15-1 to -38<\/a><\/td>\n<\/tr>\n<tr class=\"row-20 even\">\n\t<td class=\"column-1\">Oregon<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"https:\/\/www.oregonlegislature.gov\/bills_laws\/ors\/ors725A.html\">Or. Rev. Stat. Ann. \u00a7 725A.101 et seq. <\/a><\/td>\n<\/tr>\n<tr class=\"row-21 odd\">\n\t<td class=\"column-1\">Rhode Island<\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><a href=\"http:\/\/webserver.rilin.state.ri.us\/Statutes\/title19\/19-14.2\/INDEX.HTM\">R.I. Gen. Laws \u00a719-14.1-1 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-22 even\">\n\t<td class=\"column-1\">South Carolina<\/td><td class=\"column-2\">South Carolina Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/www.scstatehouse.gov\/code\/t34c039.php \">34-39-110 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-23 odd\">\n\t<td class=\"column-1\">South Dakota<\/td><td class=\"column-2\">South Dakota Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/sdlegislature.gov\/statutes\/DisplayStatute.aspx?Statute=54-4\">S.D. Codified Laws Ann. \u00a7\u00a7 54-4-70 to 72<\/a><\/td>\n<\/tr>\n<tr class=\"row-24 even\">\n\t<td class=\"column-1\">Tennessee<\/td><td class=\"column-2\">Tennessee Title Loan Laws<\/td><td class=\"column-3\"><a href=\"https:\/\/www.lexisnexis.com\/hottopics\/tncode\/ \">TN Title Pledge Act (\u00a7 45-15-101 to \u00a7 45-15-120)<\/a><\/td>\n<\/tr>\n<tr class=\"row-25 odd\">\n\t<td class=\"column-1\">Texas<\/td><td class=\"column-2\"><a href=\"https:\/\/titlelo.com\/learn\/texas-title-loan-laws\/\">Texas Title Loan Laws<\/a><\/td><td class=\"column-3\"><a href=\"http:\/\/www.statutes.legis.state.tx.us\/Docs\/FI\/htm\/FI.393.htm\">Tex Fin. Code tit.5 \u00a7\u00a7 393.001-393.628<\/a><\/td>\n<\/tr>\n<tr class=\"row-26 even\">\n\t<td class=\"column-1\">Utah<\/td><td class=\"column-2\">Utah Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/law.justia.com\/codes\/utah\/2006\/title07\/07_10.html\">Utah Code \u00a7\u00a7 7-24-101 et seq.<\/a><\/td>\n<\/tr>\n<tr class=\"row-27 odd\">\n\t<td class=\"column-1\">Virginia<\/td><td class=\"column-2\">Virginia Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/law.lis.virginia.gov\/vacode\/title6.2\/chapter22\/\">Code of Virginia Tit. 6.2 Chap. 22<\/a><\/td>\n<\/tr>\n<tr class=\"row-28 even\">\n\t<td class=\"column-1\">Wisconsin <\/td><td class=\"column-2\">Wisconsin Title Loan Laws<\/td><td class=\"column-3\"><a href=\"http:\/\/docs.legis.wisconsin.gov\/statutes\/statutes\/138\/16\">Wis. Stat. \u00a7 138.16<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-2 from cache --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An Overview of Title Loans A title loan is a method of borrowing money based on the equity of your vehicle. Unlike bank loans, title loans are more accessible to borrowers that are underemployed, bankrupt or suffer from poor credit. Essentially, a title loan will let you borrow money using the title of your vehicle&#8230; <\/p>\n<div class=\"link-more\"><a href=\"https:\/\/titlelo.com\/learn\/title-loan-laws\/\">Read More<\/a><\/div>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","jetpack_publicize_message":"Title Loan Regulations & Statutes by State","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[11,16],"tags":[],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9sr8f-5o","_links":{"self":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/334"}],"collection":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/comments?post=334"}],"version-history":[{"count":4,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/334\/revisions"}],"predecessor-version":[{"id":473,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/posts\/334\/revisions\/473"}],"wp:attachment":[{"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/media?parent=334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/categories?post=334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/titlelo.com\/learn\/wp-json\/wp\/v2\/tags?post=334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}