Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database. (HB176)
Introduced By
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Payday Loan Act; database. Requires the State Corporation Commission, by January 1, 2009, 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. The proceeds from the fees shall be used only for the payment of the expenses of the administration of the Payday Loan Act and of the performance of other functions of the Bureau of Financial Institutions. Read the Bill »
Status
02/05/2008: Merged into HB12
History
Date | Action |
---|---|
12/26/2007 | Committee |
12/26/2007 | Prefiled and ordered printed; offered 01/09/08 081051776 |
12/26/2007 | Referred to Committee on Commerce and Labor |
01/24/2008 | Impact statement from SCC (HB176) |
02/05/2008 | Incorporated by Commerce and Labor (HB12-Oder) |
Comments
So rather than 780% in interest on a one week $100 payday loan, Delegate Ware wants to increase that to 808.21% APR. I think that Delegate Ware seems to be going to the wrong way - we want an interest rate UNDER three digits, not reaching four. This is a classic example of why Virginia should just cap the rates at 36%.
So rather than 780% in interest on a one week $100 payday loan, Delegate Ware wants to increase that to 808.21% APR.