Consumer Finance Act; open-end loan plans secured by motor vehicle titles. (HB1809)

Introduced By

Sen. Joe Morrissey (D-Richmond) with support from co-patrons Del. Mamye BaCote (D-Newport News), Del. Joe Bouchard (D-Virginia Beach), Del. Bobby Mathieson (D-Virginia Beach), Del. Jeion Ward (D-Hampton), and Sen. Adam Ebbin (D-Alexandria)

Progress

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

Description

Consumer Finance Act; revolving loans; motor vehicle as security. Makes loans to an individual for personal, family, or household purposes that are secured by a nonpurchase-money security interest in a motor vehicle subject to the provisions of the Consumer Finance Act. Licensees under the Act are prohibited from charging interest of more than 36 percent annually on such loan balances and are required to comply with the existing 25-day grace period. The measure also provides that other types of extensions of credit under an open-end credit or similar plan by a seller or lender, under which interest currently may be charged at any rate on which the parties agree, may be made only by sellers of goods or services or by certain licensed or regulated financial institutions. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2009Committee
01/12/2009Prefiled and ordered printed; offered 01/14/09 098543653
01/12/2009Referred to Committee on Commerce and Labor
01/16/2009Impact statement from SCC (HB1809)
02/05/2009Tabled in Commerce and Labor