Payday Loan Act; repealed limiting interest at maximum annual rate of 36 percent.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
Date | Action |
---|---|
01/12/2009 | Prefiled and ordered printed; offered 01/14/09 098395275 |
01/12/2009 | Referred to Committee on Commerce and Labor |
01/23/2009 | Impact statement from DPB (SB996) |
01/26/2009 | Incorporated by Commerce and Labor (SB1470-Saslaw) (15-Y 0-N) (see vote tally) |