Payday lenders; prohibits any person licensed under Payday Loan Act from making open end loan. (SB1470)

Introduced By

Sen. Dick Saslaw (D-Springfield) with support from 11 copatrons, whose average partisan position is:

Those copatrons are Sen. Creigh Deeds (D-Bath), Sen. Mamie Locke (D-Hampton), Sen. Don McEachin (D-Richmond), Sen. John Miller (D-Newport News), Sen. Yvonne Miller (D-Norfolk), Sen. Steve Newman (R-Forest), Sen. Tommy Norment (R-Williamsburg), Sen. Phil Puckett (D-Tazewell), Sen. Toddy Puller (D-Mount Vernon), Sen. Roscoe Reynolds (D-Martinsville), Sen. Ken Stolle (R-Virginia Beach)

Progress

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

Description

Open-end loans by payday lenders. Prohibits any person licensed as a lender under the Payday Loan Act from making an open-end loan pursuant to the provision that currently allows any seller or lender to extend credit under an open-end credit or similar plan at any rate of interest and fees that the parties agree, as long as the obligor is provided a 25-day interest-free grace period. An extension of credit that violates this prohibition is declared to be unenforceable against the borrower. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/21/2009Presented and ordered printed 090116324
01/21/2009Referred to Committee on Commerce and Labor
01/26/2009Reported from Commerce and Labor with substitute (13-Y 1-N) (see vote tally)
01/27/2009Committee substitute printed 090170324-S1
01/28/2009Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/29/2009Read second time
01/29/2009Reading of substitute waived
01/29/2009Committee substitute agreed to 090170324-S1
01/29/2009Engrossed by Senate - committee substitute SB1470S1
01/30/2009Read third time and passed Senate (37-Y 1-N) (see vote tally)
01/30/2009Reconsideration of passage agreed to by Senate (39-Y 0-N) (see vote tally)
01/30/2009Passed Senate (39-Y 0-N) (see vote tally)
02/13/2009Placed on Calendar
02/13/2009Read first time
02/13/2009Referred to Committee on Commerce and Labor
02/19/2009Reported from Commerce and Labor with substitute (22-Y 0-N) (see vote tally)
02/19/2009Committee substitute printed 090242324-H1
02/23/2009Read second time
02/24/2009Read third time
02/24/2009Committee substitute agreed to 090242324-H1
02/24/2009Engrossed by House - committee substitute SB1470H1
02/24/2009Passed House with substitute (98-Y 0-N 1-A)
02/24/2009VOTE: --- PASSAGE (98-Y 0-N 1-A) (see vote tally)
02/25/2009House substitute agreed to by Senate (37-Y 0-N) (see vote tally)
02/25/2009Title replaced 090242324-H1
03/09/2009Enrolled
03/09/2009Bill text as passed Senate and House (SB1470ER)
03/10/2009Signed by President
03/11/2009Signed by Speaker
03/17/2009Impact statement from DPB (SB1470ER)
03/30/2009Governor's recommendation received by Senate
04/07/2009Placed on Calendar
04/08/2009Enacted, Chapter 859 (effective 7/1/09)
04/08/2009Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/08/2009House concurred in Governor's recommendation (99-Y 0-N)
04/08/2009VOTE: --- ADOPTION (99-Y 0-N) (see vote tally)
04/08/2009G Emergency clause added by Governor's recommendation
04/08/2009G Governor's recommendation adopted
04/08/2009Reenrolled
04/08/2009Reenrolled bill text (SB1470ER2)
04/08/2009Signed by President as reenrolled
04/08/2009Signed by Speaker as reenrolled
04/08/2009Enacted, Chapter 860 (effective 4/8/09)
04/08/2009G Acts of Assembly Chapter text (CHAP0860)
04/14/2009Reenrolled
04/14/2009Reenrolled bill text (SB1470ER2)