Virginia House Bill 1124 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 13 2016 - 25% progression, died in chamber
Action: 2016-02-09 - Stricken from docket by Commerce and Labor by voice vote
Text: Latest bill text (Prefiled) [HTML]

Consumer finance companies. Eliminates the requirement that the location at which a consumer finance company is licensed to conduct business be within the Commonwealth. A licensed consumer finance lender may change the location of its place of business to a location outside of the Commonwealth with the approval of the State Corporation Commission, which shall not be denied unless the licensee does not have the required liquid assets or has not conducted business efficiently, fairly, in the public interest, and in accordance with law. The measure deletes the requirement that the signatures of the borrower or, if the borrower is married, of both the borrower and the borrower's spouse, on chattel mortgages or other liens on household furniture be made in person. Finally, the measure deletes the requirement that the amount of a loan secured by an assignment of wages or other compensation be paid to the borrower simultaneously with the execution of the assignment instrument.

Consumer finance companies; regulation of companies.

Del. Terry Kilgore [R]

Date	Chamber	Action
2016-02-09	House	Stricken from docket by Commerce and Labor by voice vote
2016-01-13	House	Referred to Committee on Commerce and Labor
2016-01-13	House	Prefiled and ordered printed; offered 01/13/16 16103910D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1502	(n/a)	See Bill Text
6	2	1507	(n/a)	See Bill Text
6	2	1517	(n/a)	See Bill Text
6	2	1519	(n/a)	See Bill Text
6	2	1526	(n/a)	See Bill Text
6	2	1529	(n/a)	See Bill Text
6	2	1531	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB1124
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB1124+hil