Three title lenders gain approval from BOS

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On votes of 3-2, the Chesterfield County Board of Supervisors (BOS) approved three vehicle title-loan lenders during last week’s Board of Supervisors meeting: two on Midlothian Turnpike and a TitleMax at the Breckenridge Shopping Center on Jefferson Davis Highway.

The fourth vehicle title lender, also known as an alternate financial institution, which would be located at Jefferson Davis Highway and Osborne Road, was deferred or postponed for 60 days. Bermuda District Supervisor Dorothy Jaeckle, before making a motion for deferral, said she wanted time to speak with the Jefferson Davis Association before making a decision on the conditional use permit.

Jim Holland who represents the Dale District voted no on all the approved cases; Dan Gecker of the Midlothian District voted no on the proposed Midlothian Turnpike locations but voted to approve the Breckenridge location.

Called predatory lenders by many, vehicle title lenders charge as much as 220 percent interest on the loans they make in Virginia. An amendment to an ordinance that prohibited the establishments from locating in Chesterfield was approved in February. Other businesses that can now be approved under the conditional use guidelines are check cashing establishments, pawn brokers and precious metal dealers.   

These lenders typically locate in areas where the income demographic is less than average.

Discussion of the conditional use permits was minimal among the BOS. The lenders were asked few questions before the establishments were approved to do business in the county.

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