Virginia House Bill 1004 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2014 - 25% progression, died in committee
Action: 2014-02-12 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Open-end credit agreements. Allows only a seller of goods to extend credit under an open-end credit agreement at such interest rates as the seller and borrower agree, provided a finance charge is not imposed if payment in full of the unpaid balance is received prior to the next billing date, which follows a 25-day grace period. To extend credit under such a plan, the loan must be for the sole purpose of financing the bona fide purchase price of goods used for personal, family, or household purposes. Currently, any lender may make such loans under an open-end credit plan. Sellers of such goods under an open-end credit agreement are prohibited from engaging in the extension of credit under any other chapter of Title 6.2. The measure provides that licensed consumer finance companies may not make loans under such open-end credit agreements.

Open-end credit agreements; only seller of goods to extend credit under an agreement.

Del. David Yancey [R]

Date	Chamber	Action
2014-02-12	House	Left in Commerce and Labor
2014-01-30	House	Subcommittee recommends laying on the table by voice vote
2014-01-23	House	Assigned C & L sub: Subcommittee #2
2014-01-08	House	Referred to Committee on Commerce and Labor
2014-01-08	House	Prefiled and ordered printed; offered 01/08/14 14102262D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1501	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB1004
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB1004+hil