Virginia Senate Bill 164 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Democrat 5)
Status: Introduced on December 30 2015 - 25% progression, died in chamber
Action: 2016-01-25 - Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A)
Text: Latest bill text (Comm Sub) [HTML]

Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure also limits the late charge that a licensee may charge to the lesser of $20 or five percent of the unpaid installment. Currently, such late charges may not exceed five percent of the unpaid installment. Finally, the measure extends the grace period that must elapse before a late charge may be assessed from seven to 10 calendar days.

Consumer finance loans; rate of interest.

Sen. Scott Surovell [D]	Sen. Mamie Locke [D]	Sen. Adam Ebbin [D]	Sen. Janet Howell [D]
Sen. Donald McEachin [D]

2016-01-25 - Senate - Senate: Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A) (Y: 4 N: 9 NV: 0 Abs: 1) [FAIL]

Date	Chamber	Action
2016-01-25	Senate	Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A)
2016-01-25	Senate	Incorporates SB623
2016-01-25	Senate	Committee substitute printed to Web only 16104729D-S1
2015-12-30	Senate	Referred to Committee on Commerce and Labor
2015-12-30	Senate	Prefiled and ordered printed; offered 01/13/16 16100726D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1520	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+SB164
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB164+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+SB164S1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+S02V0010+SB0164