Open-end loan plans; caps finance charges. (SB825)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

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

Description

Open-end loan plans; finance charges.  Caps the finance charges and other charges and fees that may be charged on extension of credit under certain open-end credit plans at an annual rate of 36 percent if the maximum amount that may be advanced under the plan does not exceed $2,500. If the maximum amount that may be advanced exceeds $2,500, the lender may impose finance charges and other charges and fees at such rates and in such amounts as the parties may agree. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/06/2011Prefiled and ordered printed; offered 01/12/11 11101288D
01/06/2011Referred to Committee on Commerce and Labor
01/16/2011Impact statement from SCC (SB825)
01/24/2011Failed to report (defeated) in Commerce and Labor (6-Y 8-N) (see vote tally)
01/31/2011Reconsidered by Commerce and Labor
01/31/2011Passed by indefinitely in Commerce and Labor (9-Y 3-N 2-A) (see vote tally)

Comments

Jay S., tracking this bill in Photosynthesis, notes:

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