Open-end loan plans; caps finance charges and fees that may be charged on extension of credit. (SB20)

Introduced By

Sen. Mamie Locke (D-Hampton)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Car title loans; finance charges.  Caps the finance charges that a lender may charge on an open-end credit plan that is secured by a nonpurchase-money security interest in a motor vehicle at an annual rate of 36 percent. Read the Bill »


Bill Has Failed


12/23/2009Prefiled and ordered printed; offered 01/13/10 10100304D
12/23/2009Referred to Committee on Commerce and Labor
02/08/2010Incorporated by Commerce and Labor (SB250-Reynolds) (15-Y 0-N) (see vote tally)
02/15/2010Reconsidered by Commerce and Labor
02/15/2010Failed to report (defeated) in Commerce and Labor (6-Y 9-N) (see vote tally)


Jethro writes:

Why are we still dealing with these car title and payday loan guys? Didn't the General Assembly cap their interest rates a few years back? What a waste of my money to have the politicians lacking the political will to do the right thing.

Virginia Interfaith Center writes:

Comments on SB20