Payday Loan Act; SCC to contract with third party to develop Internet accessible database. (SB1014)

Introduced By

Sen. Dick Saslaw (D-Springfield) with support from co-patron Sen. Roscoe Reynolds (D-Martinsville)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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 »


Bill Has Failed


  • 01/09/2007 Prefiled and ordered printed; offered 01/10/07 070205780
  • 01/09/2007 Referred to Committee on Commerce and Labor
  • 01/24/2007 Constitutional reading dispensed (40-Y 0-N)
  • 01/25/2007 Impact statement from SCC (SB1014)
  • 01/25/2007 Read second time
  • 01/25/2007 Passed by temporarily
  • 01/25/2007 Committee amendment agreed to
  • 01/25/2007 Amendment by Senator Locke rejected
  • 01/25/2007 Amendment by Senator Reynolds rejected
  • 01/25/2007 Reading of amendments waived
  • 01/25/2007 Amendments #'s 2,3,4 by Senator Edwards agreed to
  • 01/25/2007 Amendment #5 by Senator Edwards withdrawn
  • 01/25/2007 Reading of amendment waived
  • 01/25/2007 Amendment #6 by Senator Edwards rejected
  • 01/25/2007 Amendment #1 by Senator Edwards withdrawn
  • 01/25/2007 Engrossed by Senate as amended SB1014E
  • 01/25/2007 Printed as engrossed 070205780-E
  • 01/26/2007 Read third time and passed Senate (35-Y 2-N 1-A)
  • 01/26/2007 VOTE: (35-Y 2-N 1-A) (see vote tally)
  • 01/26/2007 Communicated to House
  • 01/31/2007 Impact statement from SCC (SB1014E)
  • 02/06/2007 Placed on Calendar
  • 02/06/2007 Read first time
  • 02/06/2007 Referred to Committee on Commerce and Labor
  • 02/13/2007 Reported from Commerce and Labor with substitute (15-Y 7-N) (see vote tally)
  • 02/14/2007 Committee substitute printed 070283816-H1
  • 02/15/2007 Read second time
  • 02/16/2007 Read third time
  • 02/16/2007 Committee substitute agreed to 070283816-H1
  • 02/16/2007 Engrossed by House - committee substitute SB1014H1
  • 02/16/2007 Pending question ordered
  • 02/16/2007 Passed House with substitute (72-Y 27-N)
  • 02/20/2007 Passed by for the day
  • 02/21/2007 House substitute agreed to by Senate (36-Y 3-N 1-A)
  • 02/21/2007 VOTE: (36-Y 3-N 1-A) (see vote tally)
  • 02/22/2007 Reconsideration of House substitute agreed to by Senate (39-Y 0-N 1-A)
  • 02/22/2007 VOTE: (39-Y 0-N 1-A) (see vote tally)
  • 02/22/2007 House substitute rejected by Senate (0-Y 39-N 1-A)
  • 02/22/2007 VOTE: (0-Y 39-N 1-A) (see vote tally)
  • 02/22/2007 House insisted on substitute
  • 02/22/2007 House requested conference committee
  • 02/22/2007 Senate acceded to request (30-Y 0-N)
  • 02/22/2007 VOTE: (30-Y 0-N) (see vote tally)
  • 02/22/2007 Conferees appointed by Senate
  • 02/22/2007 Senators: Saslaw, Watkins, Edwards
  • 02/22/2007 Conferees appointed by House
  • 02/22/2007 Delegates: Ware, R. L., Byron, Sickles
  • 02/24/2007 No further action taken
  • 02/24/2007 Failed to pass in Senate
  • 03/02/2007 Impact statement from SCC (SB1014H1)

Duplicate Bills

The following bills are identical to this one: HB2563.