VA HB1553 | 2020 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 7 2020 - 100% progression
Action: 2020-04-07 - Governor: Acts of Assembly Chapter text (CHAP0785)
Text: Latest bill text (Chaptered) [HTML]

Summary

Debt settlement services providers; penalties. Provides for the licensure and regulation of debt settlement services providers by the State Corporation Commission. The measure defines "debt settlement services" as any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer. The measure prohibits licensees from accepting a fee from consumers prior to providing the consumers' requested debt settlement services. The requirements imposed by this measure on licensed providers of debt settlement services are similar to those applicable to agencies providing debt management plans. The measure provides for civil penalties against licensees that violate these requirements, grants consumers a private right of action against licensees, and makes a violation a prohibited practice under the Virginia Consumer Protection Act. The licensing and regulation of debt settlement services providers has a delayed effective date of July 1, 2021. The measure directs the State Corporation Commission to establish a procedure to be in effect by March 1, 2021, for any person to apply prior to July 1, 2021, for a license that will become effective when the licensing requirements of this measure become effective on July 1, 2021.

Tracking Information

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Title

Debt settlement services providers; licensure and regulation by State Corporation Commission.

Sponsors


Roll Calls

2020-02-26 - Senate - Senate: Passed Senate with amendments (31-Y 9-N) (Y: 30 N: 9 NV: 0 Abs: 0) [PASS]
2020-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 37 N: 0 NV: 2 Abs: 0) [PASS]
2020-02-26 - House - House: VOTE: Adoption (71-Y 23-N) (Y: 71 N: 22 NV: 6 Abs: 0) [PASS]
2020-02-25 - Senate - Senate: Reported from Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-17 - Senate - Senate: Reported from Commerce and Labor with amendments (13-Y 2-N) (Y: 12 N: 2 NV: 0 Abs: 0) [PASS]
2020-02-10 - House - House: VOTE: Passage (86-Y 12-N) (Y: 85 N: 12 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-04 - House - House: Subcommittee recommends reporting with amendment (6-Y 1-N) (Y: 6 N: 1 NV: 2 Abs: 0) [PASS]
2020-01-23 - House - House: Reported from Labor and Commerce with amendments (18-Y 1-N) (Y: 18 N: 1 NV: 3 Abs: 0) [PASS]

History

DateChamberAction
2020-04-07 Governor: Acts of Assembly Chapter text (CHAP0785)
2020-04-07 Governor: Approved by Governor-Chapter 785 (effective 7/1/21-see bill)
2020-03-12 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-03-12HouseEnrolled Bill communicated to Governor on March 12, 2020
2020-03-04SenateSigned by President
2020-03-03HouseSigned by Speaker
2020-03-03HouseBill text as passed House and Senate (HB1553ER)
2020-03-03HouseEnrolled
2020-02-26HouseSenate amendments agreed to by House (71-Y 23-N)
2020-02-26SenatePassed Senate with amendments (31-Y 9-N)
2020-02-26SenateEngrossed by Senate as amended
2020-02-26SenateCommittee amendments agreed to
2020-02-26SenateReading of amendments waived
2020-02-26SenateRead third time
2020-02-26SenateConstitutional reading dispensed (38-Y 0-N)
2020-02-26HouseVOTE: Adoption (71-Y 23-N)
2020-02-25SenateReported from Finance and Appropriations (15-Y 0-N)
2020-02-17SenateRereferred to Finance and Appropriations
2020-02-17SenateReported from Commerce and Labor with amendments (13-Y 2-N)
2020-02-11SenateReferred to Committee on Commerce and Labor
2020-02-11SenateConstitutional reading dispensed
2020-02-10HouseVOTE: Passage (86-Y 12-N)
2020-02-10HouseRead third time and passed House (86-Y 12-N)
2020-02-07HousePrinted as engrossed 20105424D-E
2020-02-07HouseEngrossed by House as amended HB1553E
2020-02-07HouseCommittee on Appropriations amendment agreed to
2020-02-07HouseCommittee on Labor and Commerce amendments agreed to
2020-02-07HouseRead second time
2020-02-06HouseRead first time
2020-02-05HouseReported from Appropriations with amendment (17-Y 3-N)
2020-02-04HouseSubcommittee recommends reporting with amendment (6-Y 1-N)
2020-01-24HouseAssigned App. sub: Compensation & General Government
2020-01-23HouseReferred to Committee on Appropriations
2020-01-23HouseReported from Labor and Commerce with amendments (18-Y 1-N)
2020-01-11HouseReferred to Committee on Labor and Commerce
2020-01-11HousePresented and ordered printed 20105424D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
591200(n/a)See Bill Text
622026(n/a)See Bill Text
622050(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1553&201+sum+HB1553
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1553+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1553E+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1553ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP0785+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0049+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H0202V0034+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H02V0110+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H02V0163+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV0677+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0182+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0437+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1394+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1050HB1553+HB1553
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1090HB1553+HB1553

Bill Comments

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