Open-end loan plans; caps finance charges and fees that may be charged on extension of credit. (SB20)

Introduced By

Mamie Locke (D-Hampton)
Served: 2004–

Progress

☑	Introduced
☒	Passed Committee
☐	Passed House
☐	Passed Senate
☐	Signed by Governor
☐	Became Law

Description

Car title loans; finance charges. Caps the finance charges that a lender may charge on an open-end credit plan that is secured by a nonpurchase-money security interest in a motor vehicle at an annual rate of 36 percent. View Full Text »

Outcome

Bill Has Failed

View Bill's History

Comments

Jethro writes:

Why are we still dealing with these car title and payday loan guys? Didn't the General Assembly cap their interest rates a few years back? What a waste of my money to have the politicians lacking the political will to do the right thing.

Posted 2 months ago. #

Virginia Interfaith Center writes:

Comments on SB20

Posted 2 months ago. #

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Photosynthesis

This bill is being tracked by Virginia Interfaith Center for Public Policy, a p., Virginia Poverty Law Center, Virginia Poverty Law Center, Jay S., Vivian P., NoVA Legislative UU Priorities Group (NoVA LUUP), Rose B. and Emily.

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Bill Text

Related Bills

SB375
Introduced: January 12, 2010
Status: incorporated
: Title loans; establishes a system for regulating.
HB1363
Introduced: January 22, 2010
Status: Failed to Pass in Committee
: Title loans; establishes a system for regulating.
SB21
Introduced: December 23, 2009
Status: Failed to Pass in Committee
: Payday loans; limiting interest to a maximum annual rate of 36 percent.
HB412
Introduced: January 12, 2010
Status: Failed to Pass in Committee
: Payday and open-end credit lenders; local regulation and limits number thereof.
HB188
Introduced: January 07, 2010
Status: Failed to Pass in Committee
: Payday Loans; limiting interest to a maximum annual rate of 36 percent.