VA HB2445 | 2017 | Regular Session

Status

Spectrum: Bipartisan Bill
Status: Introduced on January 20 2017 - 25% progression, died in committee
Action: 2017-02-08 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Open-end credit plan loans. Establishes requirements for open-end credit plan loans, which are revolving loans made under an open-end credit or similar plan under which a finance charge is imposed only if the obligor fails to repay the loan in full prior to the next billing date, which must be at least 25 days after the date the agreement is entered into and at least 25 days after the prior billing date. Persons making open-end credit plan loans are required to be licensed by the State Corporation Commission and are required to post a bond or equivalent instrument approved by the Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. The existing provision authorizing certain open-end loans to be at unlimited interest rates is limited to loans for the sole purpose of financing the bona fide purchase price of goods to be used for personal, family, or household purposes.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

Open-end credit plan loans; establishes requirements for loans.

Sponsors


History

DateChamberAction
2017-02-08HouseLeft in Commerce and Labor
2017-01-26HouseSubcommittee recommends laying on the table by voice vote
2017-01-24HouseAssigned C & L sub: Special Sub-Consumer Lending
2017-01-20HouseReferred to Committee on Commerce and Labor
2017-01-20HousePresented and ordered printed 17104218D

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
591200(n/a)See Bill Text
622228(n/a)See Bill Text
622250(n/a)See Bill Text
62312(n/a)See Bill Text

Virginia State Sources


Bill Comments

feedback