Virginia House Bill 974 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 12 2016 - 25% progression, died in committee
Action: 2016-02-16 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Open-end credit agreements. Allows only a seller of goods to extend credit under an open-end credit agreement at such interest rates as the seller and borrower agree, provided that a finance charge is not imposed if payment in full of the unpaid balance is received prior to the next billing date that follows a 25-day grace period. To extend credit under such an agreement, the loan must be for the sole purpose of financing the bona fide purchase price of goods used for personal, family, or household purposes. Currently, any lender may make such loans under an open-end credit plan. The measure prohibits sellers of such goods under an open-end credit agreement from engaging in the extension of credit under any other chapter of Title 6.2. The measure provides that licensed consumer finance companies may not make loans under such open-end credit agreements. The measure does not prohibit the collection of an outstanding loan made prior to the measure's effective date.

Open-end credit; allows only a seller of goods to extend credit under agreement.

Del. David Yancey [R]

Del. Paul Krizek [D]

2016-02-04 - House - House: Subcommittee recommends laying on the table (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2016-02-16	House	Left in Commerce and Labor
2016-02-04	House	Subcommittee recommends laying on the table (7-Y 0-N)
2016-01-26	House	Assigned C & L sub: Special Sub-Consumer Lending
2016-01-12	House	Referred to Committee on Commerce and Labor
2016-01-12	House	Prefiled and ordered printed; offered 01/13/16 16101300D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1501	(n/a)	See Bill Text
6	2	301	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB974
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB974+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+H1405V0006+HB0974