Politics & Government
Fairfax County Considers Regulating Title Loan Businesses
Board of Supervisors approves motion to evaluate limits on locations of these businesses throughout the county.
By Raytevia Evans
Fairfax County could act on new regulations or land-use strategies to limit the growth of title loan businesses, like Title Max, in the area.
Fairfax County Supervisor Jeff McKay has been talking with county staff about the idea for about a year. This week, the board unanimously approved having county staff report back with options before the start of the next legislative session.
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Chesterfield County recently adopted new limits on the locations of these types of businesses, McKay said. Fairfax County could learn from that.
Part of the growth in title loan operations is thanks to a 2011 law that allows car title lenders in Virginia to extend credit to out-of-state drivers.
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"Since that time, Virginia has become a magnet for people who need cash but live in the District, Maryland or other nearby states where interest rates are capped and such companies are discouraged from opening," McKay stated. "Unfortunately, more and more, these are popping up in our revitalization areas across the county."
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