Title loan businesses, which are now called Alternative Financial Institutions (AFI), loan money to clients using the title and, typically, a copy of the key to secure the loan. Four TitleMax locations, a title loan company, last week, were approved by the Chesterfield Planning Commission.
A fifth application by Community Loans of America was deferred and its application will be considered at a later date. TitleMax of Virginia, Inc., was approved for these locations: Two AFIs on Jefferson Davis Highway, which is just over a mile apart,
which is just over the distance limit policy, at 12540 and 11648; Hull Street Road at 10400 and 11225 Midlothian Turnpike.
On April 10, 2013 the Board of Supervisors, upon a favorable recommendation by the Planning Commission approved an amendment to the Zoning Ordinance defining AFI’s and identifying these uses as permitted by conditional use. Further, the Board adopted a policy providing general guidelines for the evaluation of zoning applications for AFIs.
The definition of AFIs includes motor vehicle title lending.
The Board of Supervisors must approve the TitleMax conditional use applications that is expected at its June meeting.