Payday loans; permitted interest. (SB741)

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 »

Outcome

Bill Has Failed

History

DateAction
12/12/2012Prefiled and ordered printed; offered 01/09/13
12/12/2012Prefiled and ordered printed; offered 01/09/13 13101452D
12/12/2012Referred to Committee on Commerce and Labor
01/06/2013Impact statement from SCC (SB741)
01/14/2013Failed to report (defeated) in Commerce and Labor (4-Y 11-N) (see vote tally)

Comments

stephen writes:

Why not cap it at 12% or less? Why allow the People that vote for you to be ripped off at 36%.

Va Housing Coalition, tracking this bill in Photosynthesis, notes:

The VHC supports this bills that prevents the imposition of additional fees and charges on payday loans that would be in excess of the 36% cap. Payday loans are a common problem for low income working families credit history when they are trying to qualify for home financing.