Payday Loan Act; repealed limiting interest at maximum annual rate of 36 percent. (SB996)
Introduced By
Sen. John Miller (D-Newport News) with support from co-patron Sen. Roscoe Reynolds (D-Martinsville)
Progress
√ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent. View Full Text »
Outcome
Bill Has Failed
View Bill's History
