VA SB624 | 2018 | Regular Session

Status

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on January 10 2018 - 25% progression, died in chamber
Action: 2018-01-29 - Passed by indefinitely in Commerce and Labor (8-Y 5-N)
Text: Latest bill text (Comm Sub) [HTML]

Summary

Open-end credit plans. Prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan. The measure prohibits a person that extends credit under an open-end credit plan 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) making a loan to a borrower if the loan or extension would cause the borrower to have more than one loan under an open-end credit plan outstanding at the same time; and (iv) 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. The measure makes these requirements applicable to any person that makes such an extension of credit over the Internet to Virginia residents or any individuals in Virginia. 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

Va. Consumer Protection Act; open-end credit plans.

Sponsors


Roll Calls

2018-01-29 - Senate - Senate: Passed by indefinitely in Commerce and Labor (8-Y 5-N) (Y: 8 N: 5 NV: 0 Abs: 0) [PASS]
2018-01-22 - Senate - Senate: Rereferred from General Laws and Technology (8-Y 0-N) (Y: 8 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2018-01-29SenatePassed by indefinitely in Commerce and Labor (8-Y 5-N)
2018-01-29SenateCommittee substitute printed to LIS only 18105184D-S1
2018-01-22SenateRereferred to Commerce and Labor
2018-01-22SenateRereferred from General Laws and Technology (8-Y 0-N)
2018-01-10SenateReferred to Committee on General Laws and Technology
2018-01-10SenatePrefiled and ordered printed; offered 01/10/18 18101725D

Code Citations

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

Virginia State Sources


Bill Comments 750

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