Virginia House Bill 1248 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 10 2018 - 25% progression, died in committee
Action: 2018-02-13 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Comm Sub) [HTML]

Consumer finance companies. Updates several administrative provisions regarding the regulation of consumer finance companies by the State Corporation Commission's Bureau of Financial Institutions (Bureau). These provisions include matters relating to the licensing process, license suspension and revocation, conducting other types of business, investigations, examinations, fees, recordkeeping, civil penalties, reporting, and enforcement, including the issuance by the Attorney General of civil investigative demands. The measure adds a bonding requirement and authorization to issue cease and desist orders. The measure replaces the existing system under which a separate license is issued by the Bureau for each office in the Commonwealth where a person makes consumer finance loans to one that provides for the issuance of a single license to a consumer finance company, which may allow it to make loans at multiple locations. The measure also authorizes the Bureau to license out-of-state consumer finance companies, including lenders that operate via the Internet. The measure has a delayed effective date of January 1, 2019, and requires the Bureau to establish a procedure that allows applicants to apply for licensure prior to that date. An enactment clause authorizes the Bureau to issue a new license to currently licensed consumer finance companies in good standing upon compliance with the new bonding requirements.

SCC; regulation of consumer finance companies.

Del. Terry Kilgore [R]

2018-02-08 - House - House: Reported from Commerce and Labor with substitute (12-Y 9-N) (Y: 12 N: 9 NV: 1 Abs: 0) [PASS]
2018-02-06 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 1 Abs: 0) [PASS]

Date	Chamber	Action
2018-02-13	House	Left in Commerce and Labor
2018-02-12	House	Rereferred to Commerce and Labor
2018-02-12	House	Motion to rerefer to committee agreed to
2018-02-10	House	Read first time
2018-02-08	House	Committee substitute printed 18105444D-H1
2018-02-08	House	Reported from Commerce and Labor with substitute (12-Y 9-N)
2018-02-06	House	Subcommittee recommends reporting with substitute (9-Y 0-N)
2018-01-30	House	Assigned C & L sub: Subcommittee #3
2018-01-10	House	Referred to Committee on Commerce and Labor
2018-01-10	House	Prefiled and ordered printed; offered 01/10/18 18102020D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1500	(n/a)	See Bill Text
6	2	1501	(n/a)	See Bill Text
6	2	1502	(n/a)	See Bill Text
6	2	1503	(n/a)	See Bill Text
6	2	1505	(n/a)	See Bill Text
6	2	1505.1	(n/a)	See Bill Text
6	2	1506	(n/a)	See Bill Text
6	2	1507	(n/a)	See Bill Text
6	2	1508	(n/a)	See Bill Text
6	2	1508.1	(n/a)	See Bill Text
6	2	1509	(n/a)	See Bill Text
6	2	1511	(n/a)	See Bill Text
6	2	1512	(n/a)	See Bill Text
6	2	1513	(n/a)	See Bill Text
6	2	1513.1	(n/a)	See Bill Text
6	2	1516	(n/a)	See Bill Text
6	2	1517	(n/a)	See Bill Text
6	2	1518	(n/a)	See Bill Text
6	2	1519	(n/a)	See Bill Text
6	2	1523	(n/a)	See Bill Text
6	2	1524	(n/a)	See Bill Text
6	2	1526	(n/a)	See Bill Text
6	2	1530	(n/a)	See Bill Text
6	2	1531	(n/a)	See Bill Text
6	2	1532	(n/a)	See Bill Text
6	2	1534.1	(n/a)	See Bill Text
6	2	1535	(n/a)	See Bill Text
6	2	1537	(n/a)	See Bill Text
6	2	1537.1	(n/a)	See Bill Text
6	2	1538	(n/a)	See Bill Text
6	2	1539	(n/a)	See Bill Text
6	2	1543	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB1248
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB1248+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB1248H1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H1403V0041+HB1248
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H14V0055+HB1248