Payday loans; permitted interest. (SB186)

Introduced By

Sen. John Miller (D-Newport News)

Progress

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

Description

Payday loans; permitted interest.  Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent. Read the Bill »

Status

02/06/2012: Merged into SB28

History

DateAction
01/10/2012Prefiled and ordered printed; offered 01/11/12
01/10/2012Prefiled and ordered printed; offered 01/11/12 12101643D
01/10/2012Referred to Committee on Commerce and Labor
01/20/2012Assigned C&L sub: Payday Loans
01/24/2012Impact statement from DPB (SB186)
02/06/2012Incorporated by Commerce and Labor (SB28-Locke) (16-Y 0-N) (see vote tally)

Comments

VHC Admin writes:

The Virginia Housing Coalition supports this bill.