Sunday, November 23, 2008
The General Assembly is not in session.
Tracking Virginia’s General Assembly
since 2007.
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.
Additional Data
Explanation
This is the actual text of the bill — the legislation itself. Generally this is amending existing law, proposing the addition or removal of words from laws that are already on the books.
Words that are highlighted in yellow are
proposed additions, and words that are crossed out in
red are proposed removals.
The numbers with the § symbol before them are references to existing laws, and if you click on them they’ll take you to that part of the law on the state's website.