HB1404: Payday lending charges; establishes maximum annual interest rate.
Be it enacted by the General Assembly of Virginia:
1. That § 6.1-460 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-460. Rate of interest.
A licensee may charge, as a fee for
each loan, an amount not to exceed fifteen percent of the amount of the loan
proceeds advanced to shall not cause
the borrower to pay interest on a payday loan at a rate
exceeding 36 percent annually. For
purposes of this section, the term "interest" includes all fees and
amounts payable directly or indirectly by the borrower as a
condition of, incident to, attendant to, or arising out of a payday loan.