Thursday, July 24, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB225: Payday loans; use of Internet database for borrowers, rollovers prohibited by lenders.
Chief Patron
Del.
Dwight Jones (D-70)
Dwight Jones
(D-70)
Richmond, VA
Served: 1994–
Progress
 |
Introduced |
 |
Passed Committee |
|
Passed House |
|
Passed Senate |
|
Signed by Governor |
|
Became Law |
Status
Bill is Dead
Summary
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. View Full Text »
Poll Results
No Richmond Sunlight visitors voted on this bill while voting was open.
