Motor vehicle title loans, payday loans, and open-end credit plans; caps interest rate. (HB1441)
Introduced By
Del. Glenn Oder (R-Newport News)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Motor vehicle title loans, payday loans, and open-end credit plans; interest rate. Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at 36 percent per year. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 11/12/2010 | Committee |
| 11/12/2010 | Prefiled and ordered printed; offered 01/12/11 11100733D |
| 11/12/2010 | Referred to Committee on Commerce and Labor |
| 01/18/2011 | Impact statement from DPB (HB1441) |
| 01/26/2011 | Assigned C & L sub: #2 |
| 01/27/2011 | Subcommittee recommends passing by indefinitely |
| 02/08/2011 | Left in Commerce and Labor |
Comments
oder
Bearing Drift supports this bill as predatory lending has negative consequences. Capping the interest rate is in the public interest.
I wholeheartedly support this bill.