Payday Loan Act; SCC to contract with third party to develop Internet accessible database. (HB2563)
Introduced By
Del. Lee Ware (R-Powhatan) with support from co-patrons Del. Algie Howell (D-Norfolk), and Del. Terrie Suit (R-Virginia Beach)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Payday Loan Act. Requires the State Corporation Commission, by July 1, 2008, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether an applicant is eligible for the loan. Fifty cents may be charged to defray the costs of using the database. A payday lender is prohibited from making a payday loan to a person who has terminated a payday loan on the loan application date, or if the loan would cause the borrower to have more than three payday loans outstanding at the same time. Payday lenders are prohibited from knowingly making loans to a member of the military service or to the spouse of such person. If a borrower obtains three or more consecutive payday loans, the borrower may enter into an extended payment plan, which allows the borrower to repay the loan in at least two equal installments over 60 days. The installments may be secured by three checks written by the borrower. Other provisions (i) prohibit a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (ii) require a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with certain restrictions and prohibitions contained in the Fair Debt Collection Practices Act ; (iii) provide that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower; (iv) state that the provisions of the Payday Loan Act apply to Internet lenders; and (vi) allow licensees to secure payday loans with the borrower's electronic debit authorization. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/10/2007 | Committee |
01/10/2007 | Prefiled and ordered printed; offered 01/10/07 070211540 |
01/10/2007 | Referred to Committee on Commerce and Labor |
01/16/2007 | Impact statement from SCC (HB2563) |
01/23/2007 | Assigned C & L sub: Financial Institutions (Dudley) |
01/31/2007 | Committee substitute printed 070272540-H1 |
02/01/2007 | Read first time |
02/02/2007 | Passed by for the day |
02/03/2007 | Read second time |
02/03/2007 | Committee substitute agreed to 070272540-H1 |
02/03/2007 | Amendments by Delegate McClellan agreed to (55-Y 39-N) |
02/03/2007 | Pending question ordered |
02/03/2007 | Amendments by Delegate Oder rejected |
02/03/2007 | Engrossed by House - committee substitute with amendments HB2563EH1 |
02/03/2007 | Printed as engrossed 070272540-EH1 |
02/05/2007 | Engrossed bill reprinted 070272540-EH1 |
02/05/2007 | Passed by for the day |
02/06/2007 | Stricken from House calendar |
02/08/2007 | Impact statement from SCC (HB2563EH1) |