Payday loans; permitted interest. (SB28)

Introduced By

Sen. Mamie Locke (D-Hampton)

Progress

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

Description

Payday loans; permitted interest. Removes 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: Failed to Pass in Committee

History

DateAction
12/28/2011Prefiled and ordered printed; offered 01/11/12 12102255D
12/28/2011Referred to Committee on Commerce and Labor
01/20/2012Assigned C&L sub: Payday Loans
01/30/2012Impact statement from DPB (SB28)
02/06/2012Passed by indefinitely in Commerce and Labor (11-Y 5-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 1 minute.