Friday, July 25, 2008
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Tracking Virginia’s General Assembly
since 2007.

Search 2008 Bills:

HB1799: Payday lending charges; establishing maximum annual interest rate.

Chief Patron

Del. John Cosgrove (R-78)

John Cosgrove (R-78)
Chesapeake, VA
Served: 2002–

Progress

Yes Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Status

Bill is Dead

View Entire History

Summary

Payday lending charges.  Establishes a maximum annual interest rate for payday loans of 36 percent.  Currently, payday lenders may charge a fee of 15 percent of the loan proceeds advanced, and as a result the annual percentage rate of interest charged depends on the term of the loan.   View Full Text »

Comments

Doug Smith, Virginia Interfaith Center writes:

This is an excellent move and fully in line where the faith community and many others through the VAPERL coalition have been headed. A 36% interest rate cap would put payday loans under the Consumer Finance Act, like all other loans. Delegate Cosgrove and Delegate McClellen are on the right track to take the right action and protect working families with this legislation.

David Wright writes:

I'm a member of the faith community and I think this bill is a terrible idea. People have a fundamental right to enter into credit and borrowing arrangements with each other that is far older than Virginia and by the way that right extends not only to "working families" whatever that means but ALL families and individuals. Using the government to decide what interest rates are allowed instead of rates reflecting market risk will only limit the ablity of those most in need to obtain badly needed short-term loans.

Tom writes:

Good family-friendly bill to protect the unsuspecting who are too often preyed upon by these loan sharks with their deceiving advertising.

Paul writes:

Why should a few businesses with many locations in Virginia be allowed to assess usury charges against those who can least afford the rip-off?

Another example of our broke legislative system!

Don't give one Sub-Committee, Committee, or a few members the right to stop full legislative vote on an issue.

Better yet, Let the public vote on this issue and the Camera at Red Light problem.

Support the
			Virginia Interfaith Center

Poll Results

23 votes

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Bill Text

Related Bills

  • HB1955
    Introduced: January 05, 2007
    Status: assigned to subcommittee
    : Payday loans; requires SCC to contract w/third party to establish database through Internet.
  • HB2159
    Introduced: January 09, 2007
    Status: assigned to subcommittee
    : Payday Loan Act; repeals Act.
  • HB2563
    Introduced: January 10, 2007
    Status: assigned to subcommittee
    : Payday Loan Act; SCC to contract with third party to develop Internet accessible database.
  • HB1684
    Introduced: December 11, 2006
    Status: assigned to subcommittee
    : Payday Loan Act; repeals Act.
  • HB1813
    Introduced: December 29, 2006
    Status: assigned to subcommittee
    : Payday Loan Act; SCC to contract with third party to develop Internet accessible database.