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HJ168: Payday lending industry; JLARC to study.
Chief Patron
Del.
Mark Sickles (D-43)
Mark Sickles
(D-43)
Alexandria, VA
Served: 2004–
Progress
 |
Introduced |
 |
Passed Committee |
 |
Passed House |
|
Passed Senate |
Status
02/12/2008: Failed to Pass in Committee
Summary
Study; payday lending industry; report. Directs the Joint Legislative Audit and Review Commission (JLARC) to study the payday lending industry in the Commonwealth. In conducting its study, JLARC shall (i) examine the effectiveness of payday lending in meeting the credit needs of residents of the Commonwealth, (ii) if legislation is enacted in the 2008 Session of the General Assembly that provides for the establishment of a database for monitoring payday lending practices, examine the effects of the database on payday lending in the Commonwealth, and (iii) consider such other issues as it deems appropriate.
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Votes were cast on this bill on the following dates for which Richmond Sunlight has video: 01/09/2008, 01/09/2008 and 02/12/2008.
Photosynthesis
This bill is being tracked by Vivian P., NoVA UU Legislative Outreach, Virginia Interfaith Center for Public Policy, Ben T., Virginia Interfaith Center, JWS, Virginia Interfaith Center and VA Muslim Coalition for Public Affairs.
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Comments
There is no reason to expend needless time (2 yrs. minimum)until 2010 to bring the results back to the G.Assy., to reach another "delaying decision" tactic. The "least amongst us" do not need this kind of help, but rather education on financial management & an alternate avenue to short-term lending at less than the rates being offered by Payday Lenders. The alternative is our hundreds of Credit Unions around the state.
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