Payday loans; use of Internet database for borrowers, rollovers prohibited by lenders. (HB225)

Introduced By

Del. Dwight Jones (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Payday lending; rollovers; database. Requires the State Corporation Commission on or before July 1, 2007, to contract with a third party to establish and administer a database with real-time access through an Internet connection to ensure compliance with the Payday Loan Act. The measure also prohibits payday lenders from entering into a payday loan with a person who has an outstanding payday loan with that licensee or affiliate or with any other payday lender, or with a person whose previous payday loan has been terminated for less than 30 days, and from extending or continuing a payday loan where the lender continues to hold the borrower's check or substitutes a new check. Read the Bill »


Bill Has Failed


01/03/2006Prefiled and ordered printed; offered 01/11/06 060956364
01/03/2006Referred to Committee on Commerce and Labor
01/10/2006Fiscal impact statement from SCC (HB225)
01/18/2006Assigned to Commerce and Labor sub-committee: Financial Institutions (Dudley)
02/09/2006Incorporated by Commerce and Labor (HB912-Oder)