Open-end credit plans; prohibits anyone other than seller of certain goods from extending credit. (HB1977)

Introduced By

Del. David Yancey (R-Newport News)

Progress

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

Description

Open-end credit plans. Prohibits anyone other than the seller of goods to be used for personal, family, or household purposes from extending credit under an open-end plan at interest rates that exceed the legal rate of interest. To extend credit under such a plan, the loan must be for the sole purpose of financing the bona fide purchase price of such goods. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2013Prefiled and ordered printed; offered 01/09/13 13102587D
01/09/2013Referred to Committee on Commerce and Labor
01/15/2013Assigned C & L sub: #1
01/15/2013Impact statement from SCC (HB1977)
02/05/2013Left in Commerce and Labor