VA HB1027 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0516)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 1-0)
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0516)
Text: Latest bill text (Chaptered) [HTML]
Summary
Financial institutions; sales-based financing providers. Requires a provider or broker of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in Commonwealth and any forum for any face-to-face arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. The bill prohibits a sales-based financing contract from containing a confession by judgment or any similar provision. The bill requires the Commission to adopt regulations to implement the provisions of the bill. The bill authorizes the Attorney General to seek to enjoin violations of the bill's provisions and to seek damages and other relief as allowed by law. The provisions of the bill apply to sales-based financing contracts or agreements entered into on or after July 1, 2022. Financial institutions; sales-based financing providers. Requires a provider or broker of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in Commonwealth and any forum for any face-to-face arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. The bill prohibits a sales-based financing contract from containing a confession by judgment or any similar provision. The bill requires the Commission to adopt regulations to implement the provisions of the bill. The bill authorizes the Attorney General to seek to enjoin violations of the bill's provisions and to seek damages and other relief as allowed by law. The provisions of the bill apply to sales-based financing contracts or agreements entered into on or after July 1, 2022.
Title
Financial institutions; sales-based financing providers.
Sponsors
| Del. Kathy Tran [D] |
Roll Calls
2022-03-07 - House - House: VOTE: Adoption (95-Y 0-N) (Y: 95 N: 0 NV: 0 Abs: 5) [PASS]
2022-03-03 - Senate - Senate: Passed Senate with amendments (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-28 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-14 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-08 - House - House: Reported from Commerce and Energy with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-03 - House - House: Subcommittee recommends reporting with substitute (9-Y 1-N) (Y: 9 N: 1 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Subcommittee recommends reporting with substitute (10-Y 0-N) (Y: 10 N: 0 NV: 0 Abs: 0) [PASS]
2022-03-03 - Senate - Senate: Passed Senate with amendments (39-Y 0-N) (Y: 39 N: 0 NV: 0 Abs: 1) [PASS]
2022-03-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-28 - Senate - Senate: Reported from Commerce and Labor with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-14 - House - House: VOTE: Block Vote Passage (99-Y 0-N) (Y: 99 N: 0 NV: 0 Abs: 1) [PASS]
2022-02-08 - House - House: Reported from Commerce and Energy with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-03 - House - House: Subcommittee recommends reporting with substitute (9-Y 1-N) (Y: 9 N: 1 NV: 0 Abs: 0) [PASS]
2022-01-27 - House - House: Subcommittee recommends reporting with substitute (10-Y 0-N) (Y: 10 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-04-11 | Governor: Acts of Assembly Chapter text (CHAP0516) | |
| 2022-04-11 | Governor: Approved by Governor-Chapter 516 (effective 7/1/22) | |
| 2022-03-22 | Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022 | |
| 2022-03-22 | House | Enrolled Bill communicated to Governor on March 22, 2022 |
| 2022-03-10 | Senate | Signed by President |
| 2022-03-10 | House | Signed by Speaker |
| 2022-03-10 | House | Bill text as passed House and Senate (HB1027ER) |
| 2022-03-10 | House | Enrolled |
| 2022-03-07 | House | VOTE: Adoption (95-Y 0-N) |
| 2022-03-07 | House | Senate amendments agreed to by House (95-Y 0-N) |
| 2022-03-03 | Senate | Passed Senate with amendments (39-Y 0-N) |
| 2022-03-03 | Senate | Engrossed by Senate as amended |
| 2022-03-03 | Senate | Committee amendments agreed to |
| 2022-03-03 | Senate | Reading of amendments waived |
| 2022-03-03 | Senate | Read third time |
| 2022-03-02 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2022-02-28 | Senate | Reported from Commerce and Labor with amendments (15-Y 0-N) |
| 2022-02-16 | Senate | Referred to Committee on Commerce and Labor |
| 2022-02-16 | Senate | Constitutional reading dispensed |
| 2022-02-14 | House | VOTE: Block Vote Passage (99-Y 0-N) |
| 2022-02-14 | House | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
| 2022-02-11 | House | Printed as engrossed 22106315D-EH1 |
| 2022-02-11 | House | Engrossed by House - committee substitute with amendment HB1027EH1 |
| 2022-02-11 | House | Amendment by Delegate Tran agreed to |
| 2022-02-11 | House | Committee substitute agreed to 22106315D-H1 |
| 2022-02-11 | House | Read second time |
| 2022-02-10 | House | Read first time |
| 2022-02-08 | House | Committee substitute printed 22106315D-H1 |
| 2022-02-08 | House | Reported from Commerce and Energy with substitute (22-Y 0-N) |
| 2022-02-03 | House | Subcommittee recommends reporting with substitute (9-Y 1-N) |
| 2022-01-27 | House | Subcommittee recommends reporting with substitute (10-Y 0-N) |
| 2022-01-25 | House | Assigned sub: Subcommittee #2 |
| 2022-01-12 | House | Referred to Committee on Commerce and Energy |
| 2022-01-12 | House | Prefiled and ordered printed; offered 01/12/22 22104226D |
