Payday lenders; prohibits any person licensed under Payday Loan Act from making open end loan. (SB1470)

Introduced By

Sen. Dick Saslaw (D-Springfield) with support from 11 copatrons, whose average partisan position is:

Progress

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

Description

Open-end loans by payday lenders. Prohibits any person licensed as a lender under the Payday Loan Act from making an open-end loan pursuant to the provision that currently allows any seller or lender to extend credit under an open-end credit or similar plan at any rate of interest and fees that the parties agree, as long as the obligor is provided a 25-day interest-free grace period. An extension of credit that violates this prohibition is declared to be unenforceable against the borrower. View Full Text »

Outcome

Bill Has Passed

View Bill's History

01/21/2009 Presented and ordered printed 090116324
01/21/2009 Referred to Committee on Commerce and Labor
01/26/2009 Reported from Commerce and Labor with substitute (13-Y 1-N) (see vote tally)
01/27/2009 Committee substitute printed 090170324-S1
01/28/2009 Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/29/2009 Read second time
01/29/2009 Reading of substitute waived
01/29/2009 Committee substitute agreed to 090170324-S1
01/29/2009 Engrossed by Senate - committee substitute SB1470S1
01/30/2009 Read third time and passed Senate (37-Y 1-N) (see vote tally)
01/30/2009 Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
01/30/2009 Passed Senate (39-Y 0-N) (see vote tally)
02/13/2009 Placed on Calendar
02/13/2009 Read first time
02/13/2009 Referred to Committee on Commerce and Labor
02/19/2009 Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/19/2009 Committee substitute printed 090242324-H1
02/23/2009 Read second time
02/24/2009 Read third time
02/24/2009 Committee substitute agreed to 090242324-H1
02/24/2009 Engrossed by House - committee substitute SB1470H1
02/24/2009 Passed House with substitute (98-Y 0-N 1-A)
02/24/2009 VOTE: --- PASSAGE (98-Y 0-N 1-A) (see vote tally)
02/25/2009 House substitute agreed to by Senate (37-Y 0-N) (see vote tally)
02/25/2009 Title replaced 090242324-H1
03/09/2009 Enrolled
03/09/2009 Bill text as passed Senate and House (SB1470ER)
03/10/2009 Signed by President
03/11/2009 Signed by Speaker
03/17/2009 Impact statement from DPB (SB1470ER)
03/30/2009 Governor's recommendation received by Senate
04/07/2009 Placed on Calendar
04/08/2009 Enacted, Chapter 859 (effective 7/1/09)
04/08/2009 Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/08/2009 House concurred in Governor's recommendation (99-Y 0-N)
04/08/2009 VOTE: --- ADOPTION (99-Y 0-N) (see vote tally)
04/08/2009 G Emergency clause added by Governor's recommendation
04/08/2009 G Governor's recommendation adopted
04/08/2009 Reenrolled
04/08/2009 Reenrolled bill text (SB1470ER2)
04/08/2009 Signed by President as reenrolled
04/08/2009 Signed by Speaker as reenrolled
04/08/2009 Enacted, Chapter 860 (effective 4/8/09)
04/08/2009 G Acts of Assembly Chapter text (CHAP0860)
04/14/2009 Reenrolled
04/14/2009 Reenrolled bill text (SB1470ER2)

Payday lenders; prohibits any person licensed under Payday Loan Act from making open end loan. (SB1470)

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Progress

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Outcome

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