Open-end credit plan loans; prohibits person extending credit from charging interest at higher rate. (SB425)

Introduced By

Sen. Mark Herring (D-Leesburg)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Open-end credit plans; loans secured by motor vehicle title.  Prohibits a person extending credit under an open-end or similar plan from charging interest at a rate that exceeds 36 percent per year, unless the loan is secured by a bona fide purchase money security interest in goods sold by such person. Read the Bill »


Bill Has Failed


01/13/2010Prefiled and ordered printed; offered 01/13/10 10103764D
01/13/2010Referred to Committee on Commerce and Labor
01/20/2010Impact statement from SCC (SB425)
02/08/2010Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A) (see vote tally)