New Virginia Car Title Loan Law

[stetzy21]

My question involves an auto loan or repossession in the State of: Virginia. On October 1st, 2010, a new law regulating car title loan lenders in Virginia went into effect, capping interest rates and requiring lenders to give the borrower at least 10 days notice before repossession. My question is, if a car title loan was taken out from a lender before October 1st, 2010 (before they were regulated), is that loan subject to the new regulations now (after October 1st, 2010)? Or is the loan subject to the terms before October 1st?

[jk]

I cannot find anything concerning applicability or lack of regarding this. Generally, a law cannot retroactively alter an existing contract if it was legal at it's inception. As such, I suspect the interest rates stated in the pre Oct contract will control. I would suspect the 10 day notice provision will be applicable to any such loan regardless of it's date of inception as that is not a contractual obligation being altered and does not adversely affect the lenders rights.