HB176: Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database.

Chief Patron

Onzlee Ware (D-11)
Roanoke, VA
Served: 2004–

Progress

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

Status

12/26/2007: In Commerce and Labor Committee

View Entire History

Summary

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. Fifty cents 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 »

Video

Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/24/2008, 01/24/2008 and 02/05/2008.

Comments

Virginia Interfaith Center for Public Policy, tracking this bill in Photosynthesis, notes:

So rather than 780% in interest on a one week $100 payday loan, Delegate Ware wants to increase that to 808.21% APR. I think that Delegate Ware seems to be going to the wrong way - we want an interest rate UNDER three digits, not reaching four. This is a classic example of why Virginia should just cap the rates at 36%.

Posted 4 months ago. #

Doug Smith writes:

So rather than 780% in interest on a one week $100 payday loan, Delegate Ware wants to increase that to 808.21% APR.

Posted 4 months ago. #