During Tuesday's Fairfax County Board of Supervisors meeting, the board unanimously approved Lee District Sup. Jeff McKay's board matter regarding the location of title loan businesses like Title Max.
In McKay's board matter, he points out that the businesses are cropping up in areas of the county where there are plans to revitalize. McKay said he has had multiple conversations with staff about this topic for about a year.
"During its 2011 session, the Virginia General Assembly passed SB1367, a bill that allowed car title lenders in the Commonwealth to extend credit to out-of-state drivers," states McKay in his board matter on Tuesday. "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. Unfortunately, more and more, these are popping up in our revitalization areas across the county."
Recently, Chesterfield County adopted new policy limits on the location of these types of businesses in its county, pointed out McKay, who said he thinks county staff can gain useful information from Chesterfield's recent regulations.
During Tuesday's meeting the board approved McKay's motion for members to direct county staff to report back to the Board before the General Assembly session with possible regulatory or land use strategies to improve on this issue throughout Fairfax County.