Payday loans; use of Internet database for borrowers, rollovers prohibited by lenders. (HB225)
Introduced By
Del. Dwight Jones (D-Richmond)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Payday lending; rollovers; database. Requires the State Corporation Commission on or before July 1, 2007, to contract with a third party to establish and administer a database with real-time access through an Internet connection to ensure compliance with the Payday Loan Act. The measure also prohibits payday lenders from entering into a payday loan with a person who has an outstanding payday loan with that licensee or affiliate or with any other payday lender, or with a person whose previous payday loan has been terminated for less than 30 days, and from extending or continuing a payday loan where the lender continues to hold the borrower's check or substitutes a new check. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/03/2006 | Prefiled and ordered printed; offered 01/11/06 060956364 |
| 01/03/2006 | Referred to Committee on Commerce and Labor |
| 01/10/2006 | Fiscal impact statement from SCC (HB225) |
| 01/18/2006 | Assigned to Commerce and Labor sub-committee: Financial Institutions (Dudley) |
| 02/09/2006 | Incorporated by Commerce and Labor (HB912-Oder) |