Open-end credit plan loans; prohibits person extending credit from charging interest at higher rate. (SB425)
Introduced By
Sen. Mark Herring (D-Leesburg)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Open-end credit plans; loans secured by motor vehicle title. Prohibits a person extending credit under an open-end or similar plan from charging interest at a rate that exceeds 36 percent per year, unless the loan is secured by a bona fide purchase money security interest in goods sold by such person. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/13/2010 | Prefiled and ordered printed; offered 01/13/10 10103764D |
01/13/2010 | Referred to Committee on Commerce and Labor |
01/20/2010 | Impact statement from SCC (SB425) |
02/08/2010 | Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A) (see vote tally) |