VA HB2196 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 8 2019 - 25% progression
Action: 2019-02-05 - Left in Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Comm Sub) [HTML]

Summary

Debt settlement services; civil penalties. Establishes procedures and requirements for the licensure by the State Corporation Commission of agencies providing debt settlement services. 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 authorizes the Commission to issue one license to engage in the business of providing or offering to provide debt management plans, debt settlement services, or both. The measure prohibits licensed debt settlement services agencies from accepting fees from consumers prior to providing the consumers' requested debt settlement services. The measure makes licensees offering debt settlement services subject to requirements currently applicable to licensees providing debt management plans. The measure also (i) prohibits certain advertising practices by new licensees, (ii) provides for the assessment of civil penalties, and (iii) grants individual consumers a private right of action. Violations are also a prohibited practice under the Virginia Consumer Protection Act.

Tracking Information

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Title

Debt settlement services; civil penalties.

Sponsors


Roll Calls

2019-01-31 - House - House: Reported from Commerce and Labor with substitute (20-Y 0-N) (Y: 20 N: 0 NV: 2 Abs: 0) [PASS]
2019-01-29 - House - House: Subcommittee recommends reporting with substitute (9-Y 0-N) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2019-02-05HouseLeft in Appropriations
2019-01-31HouseReferred to Committee on Appropriations
2019-01-31HouseReported from Commerce and Labor with substitute (20-Y 0-N)
2019-01-31HouseCommittee substitute printed 19106074D-H1
2019-01-29HouseSubcommittee recommends referring to Committee on Appropriations
2019-01-29HouseSubcommittee recommends reporting with substitute (9-Y 0-N)
2019-01-15HouseAssigned C & L sub: Subcommittee #2
2019-01-08HouseReferred to Committee on Commerce and Labor
2019-01-08HousePrefiled and ordered printed; offered 01/09/19 19104212D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
622000(n/a)See Bill Text
622001(n/a)See Bill Text
622002(n/a)See Bill Text
622005(n/a)See Bill Text
622012(n/a)See Bill Text
622014(n/a)See Bill Text
622014.1(n/a)See Bill Text
622021(n/a)See Bill Text

Virginia State Sources


Bill Comments

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