Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database. (HB1505)

Introduced By

Del. Sam Nixon (R-Richmond) with support from co-patron Del. Kathy Byron (R-Lynchburg)

Description

Payday Loan Act; database. Requires the State Corporation Commission, by January 1, 2009, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether an applicant is eligible for the loan. A fee of not more than $1 may be charged to defray the costs of using the database. The proceeds from the fees shall be used only for the payment of the expenses of the administration of the Payday Loan Act and of the performance of other functions of the Bureau of Financial Institutions. View Full Text »

Status

02/12/2008: In Committee
View Bill's History

In the News

Rams Climb Hill to Lobby Lawmakers

January 30, 2011
Despite the rain, a small group of Virginia Commonwealth University students gathered at the Capitol on Wednesday to lobby state legislators at Rams Day on the Hill. The event, sponsored by VCU’s Student Government Association, allows participants to meet with lawmakers and lobby for bills that affect the university.

6 votes