Payday lending charges; establishes maximum annual interest rate. (HB249)

Introduced By

Del. John O'Bannon (R-Richmond)

Progress

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

Description

Payday lending charges. Establishes a maximum annual interest rate for payday loans of 36 percent. In addition, the measure requires each prospective borrower to acknowledge in writing that he has received and read a copy of the most recent version of the State Corporation Commission's Consumer Guide to Payday Lending before entering into a payday loan. Read the Bill »

Status

02/05/2008: Merged into HB12

History

DateAction
12/28/2007Committee
12/28/2007Prefiled and ordered printed; offered 01/09/08 080097664
12/28/2007Referred to Committee on Commerce and Labor
01/23/2008Impact statement from SCC (HB249)
02/05/2008Incorporated by Commerce and Labor (HB12-Oder)

Comments

VA A., tracking this bill in Photosynthesis, notes:

AARP Supports