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]
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.
Title
Open-end credit plan loans; establishes requirements for loans.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2017-02-08 | House | Left in Commerce and Labor |
2017-01-26 | House | Subcommittee recommends laying on the table by voice vote |
2017-01-24 | House | Assigned C & L sub: Special Sub-Consumer Lending |
2017-01-20 | House | Referred to Committee on Commerce and Labor |
2017-01-20 | House | Presented and ordered printed 17104218D |
Subjects
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
59 | 1 | 200 | (n/a) | See Bill Text |
6 | 2 | 2228 | (n/a) | See Bill Text |
6 | 2 | 2250 | (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?171+sum+HB2445 |
Text | https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+HB2445+hil |