Friday, August 8, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
HB1813: Payday Loan Act; SCC to contract with third party to develop Internet accessible database.
Chief Patron
Del.
Rosalyn Dance (D-63)
Rosalyn Dance
(D-63)
Petersburg, VA
Served: 2005–
Progress
 |
Introduced |
 |
Passed Committee |
|
Passed House |
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Passed Senate |
|
Signed by Governor |
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Became Law |
Status
Bill is Dead
Summary
Payday Loan Act. Requires the State Corporation Commission, on or before July 1, 2008, 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. Lenders are prohibited from making a payday loan unless they have obtained information from the database, or other permitted verification source, that the borrower does not have two or more outstanding payday loans from one or more lenders. The maximum fee that may be charged in a payday loan is reduced from 15 percent to 7.5 percent of the amount advanced.
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Poll Results
11 votes
Tags
Bill Text
Related Bills
Status: assigned to subcommittee
Status: Passed the House
Status: Introduced
Status: failed senate
Status: Failed to Pass in Committee