Payday Loan Act; repealed limiting interest at maximum annual rate of 36 percent. (SB996)

Introduced By

Sen. John Miller (D-Newport News) with support from co-patron Sen. Roscoe Reynolds (D-Martinsville)

Progress

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

Description

Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2009Prefiled and ordered printed; offered 01/14/09 098395275
01/12/2009Referred to Committee on Commerce and Labor
01/23/2009Impact statement from DPB (SB996)
01/26/2009Incorporated by Commerce and Labor (SB1470-Saslaw) (15-Y 0-N) (see vote tally)