Open-end loan plans; caps finance charges. (SB98)

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 imposed 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 »

Status

02/06/2012: Failed to Pass in Committee

History

DateAction
01/09/2012Prefiled and ordered printed; offered 01/11/12 12101210D
01/09/2012Referred to Committee on Commerce and Labor
01/20/2012Assigned C&L sub: Payday Loans
01/27/2012Impact statement from SCC (SB98)
02/06/2012Passed by indefinitely in Commerce and Labor (11-Y 5-N) (see vote tally)