Virginia House Bill 1483 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 18 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 (Introduced) [HTML]

Open-end credit plans. Prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan. The measure prohibits any person from extending credit under an open-end credit plan without first obtaining a license to do so from the State Corporation Commission. The measure also prohibits such a lender from (i) obtaining or accepting from a borrower an authorization to electronically debit the borrower's deposit account; (ii) failing to comply with certain restrictions and prohibitions applicable to debt collectors contained in the federal Fair Debt Collection Practices Act; (iii) making a loan to a borrower if the loan or extension would cause the borrower to have more than one loan under an open-end credit plan outstanding at the same time; and (iv) filing a legal proceeding against a borrower until 60 days after the date of default on an open-end credit plan, during which period the person and the borrower may voluntarily enter into a repayment arrangement. The measure makes these requirements applicable to any person that makes such an extension of credit over the Internet to Virginia residents or any individuals in Virginia. The measure makes it a prohibited practice under the Virginia Consumer Protection Act to violate the requirements applicable to extending credit under an open-end credit plan.

Virginia Consumer Protection Act; open-end credit plans.

Del. Sam Rasoul [D]

2018-02-06 - House - House: Subcommittee recommends striking from docket (7-Y 0-N) (Y: 7 N: 0 NV: 3 Abs: 0) [PASS]

Date	Chamber	Action
2018-02-13	House	Left in Commerce and Labor
2018-02-06	House	Subcommittee recommends striking from docket (7-Y 0-N)
2018-01-30	House	Assigned C & L sub: Subcommittee #3
2018-01-18	House	Referred to Committee on Commerce and Labor
2018-01-18	House	Presented and ordered printed 18104833D

Chapter	Article	Section	Citation Type	Statute Text
59	1	200	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB1483
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB1483+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H1403V0042+HB1483