VA SB37 | 2020 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on November 18 2019 - 25% progression
Action: 2020-01-27 - Incorporated by Commerce and Labor
Text: Latest bill text (Prefiled) [HTML]

Summary

Open-end credit plans; civil penalty. Requires that any person engaged in the business of extending credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent obtain a license to do so from the State Corporation Commission. The measure prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan and prohibits a third party from making open-end credit loans in the office of a licensed motor vehicle title lender. The measure prohibits a person that extends credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent from (i) obtaining or accepting from a borrower an authorization to electronically debit the borrower's deposit account; (ii) failing to comply with certain restrictions and prohibitions applicable to debt collectors contained in the federal Fair Debt Collection Practices Act; (iii) filing a legal proceeding against a borrower until 60 days after the date of default on an open-end credit plan, during which period the person and the borrower may voluntarily enter into a repayment arrangement; or (iv) causing a person to be obligated to the licensee for a principal amount that exceeds $500. The measure also makes it a prohibited practice under the Virginia Consumer Protection Act to violate the requirements applicable to extending credit under an open-end credit plan.

Tracking Information

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Title

Open-end credit plans; civil penalty.

Sponsors


Roll Calls

2020-01-27 - Senate - Senate: Incorporated by Commerce and Labor (Y: 13 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2020-01-27SenateIncorporated by Commerce and Labor
2019-11-18SenateReferred to Committee on Commerce and Labor
2019-11-18SenatePrefiled and ordered printed; offered 01/08/20 20101104D

Code Citations

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

Virginia State Sources


Bill Comments

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