VA HB1296 | 2020 | Regular Session
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 8 2020 - 25% progression, died in chamber
Action: 2020-01-21 - Incorporated by Labor and Commerce
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 8 2020 - 25% progression, died in chamber
Action: 2020-01-21 - Incorporated by Labor and Commerce
Text: Latest bill text (Prefiled) [HTML]
Summary
Motor vehicle title loans, payday loans, consumer finance loans, and open-end credit plans; interest rate. Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at an annual rate that is 25 percent higher than the federal funds rate in effect on the date the loan was made. The bill prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. The bill also imposes the same maximum interest rate on loans made by a licensed consumer finance company and eliminates the existing provision that permits such licensed companies to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure caps the allowable amount of repossession and sales fees in connection with a motor vehicle title loan; imposes restrictions on open-end lending; and prevents payday lenders and other lenders from using a credit services business license to extend credit that is for less than $5,000, has a term of less than one year, is provided under an open-end credit plan, or has an interest rate that exceeds 36 percent per year. A violation of the open-end lending provisions is made a prohibited practice under the Virginia Consumer Protection Act.
Title
Motor vehicle title loans, payday loans, consumer finance loans, etc.; interest rate.
Sponsors
Del. Dan Helmer [D] |
History
Date | Chamber | Action |
---|---|---|
2020-01-21 | House | Incorporated by Labor and Commerce |
2020-01-08 | House | Referred to Committee on Labor and Commerce |
2020-01-08 | House | Prefiled and ordered printed; offered 01/08/20 20104998D |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
59 | 1 | 200 | (n/a) | See Bill Text |
59 | 1 | 335.5 | (n/a) | See Bill Text |
6 | 2 | 100 | (n/a) | See Bill Text |
6 | 2 | 1520 | (n/a) | See Bill Text |
6 | 2 | 1816 | (n/a) | See Bill Text |
6 | 2 | 1817 | (n/a) | See Bill Text |
6 | 2 | 1818 | (n/a) | See Bill Text |
6 | 2 | 2216 | (n/a) | See Bill Text |
6 | 2 | 312 | (n/a) | See Bill Text |
Virginia State Sources
Type | Source |
---|---|
Summary | https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1296 |
Text | https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1296+hil |