Bill Text: VA HB1987 | 2015 | Regular Session | Prefiled

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Bill Title: Consumer finance company loans; permitted charges.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-01-29 - Tabled in Commerce and Labor by voice vote [HB1987 Detail]

Download: Virginia-2015-HB1987-Prefiled.html

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15103443D
HOUSE BILL NO. 1987 Offered January 14, 2015 Prefiled January 13, 2015 A BILL to amend and reenact §6.2-1523 of the Code of Virginia, relating to consumer finance companies; permitted charges. ---------- Patron-- Villanueva ---------- Committee Referral Pending ----------

Be it enacted by the General Assembly of Virginia:

1. That §6.2-1523 of the Code of Virginia is amended and reenacted as follows:

§6.2-1523. Additional charges prohibited; exceptions.

In addition to the interest, late charges, and processing fee permitted under §6.2-1520, no further or other amount whatsoever for any examination service, brokerage, commission, fine, notarial fee, or other thing or otherwise shall be directly or indirectly charged, contracted for, collected, or received, except:

1. Insurance premiums actually paid out by the licensee to any insurance company or agent duly authorized to do business in the Commonwealth for insurance for the protection and benefit of the borrower written in connection with any loan;

2. The actual cost of recordation fees or, on loans over $100, the amount of the lawful premiums, no greater than such fees, actually paid for insurance against the risk of not recording any instrument securing the loan; and

3. A handling fee not to exceed $15 for each check returned to the licensee because the drawer had no account or insufficient funds in the payor bank; and

4. The actual cost paid out by the licensee to any nonaffiliated third party that requires the licensee to incur such costs for processing a borrower's payment by credit card, debit card, electronic funds transfer, electronic check, or similar method.