Payday Loan Act; SCC to contract with third party to develop Internet accessible database. (HB1813)

Introduced By

Sen. Roz Dance (D-Petersburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Payday Loan Act. Requires the State Corporation Commission, on or before July 1, 2008, 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. Lenders are prohibited from making a payday loan unless they have obtained information from the database, or other permitted verification source, that the borrower does not have two or more outstanding payday loans from one or more lenders. The maximum fee that may be charged in a payday loan is reduced from 15 percent to 7.5 percent of the amount advanced. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/29/2006Committee
12/29/2006Prefiled and ordered printed; offered 01/10/07 075168286
12/29/2006Referred to Committee on Commerce and Labor
01/16/2007Impact statement from SCC (HB1813)
01/23/2007Assigned C & L sub: Financial Institutions (Dudley)