Constitutional amendment; maximum lawful rate of interest (first reference). (SJ44)

Introduced By

Sen. John Miller (D-Newport News)

Progress

Introduced
Passed Committee
Passed House
Passed Senate

Description

Constitutional amendment (first resolution); maximum lawful rate of interest.  Caps the maximum lawful rate of interest on any contract for the loan or forbearance of any money, if the money is for use primarily for personal, family, or household purposes, at 36 percent per year. The provisions do not apply to loans made by a depository institution that is subject to licensure by the Commonwealth or another state or by the federal government. Read the Bill »

Status

11/26/2012: Failed to Pass in Committee

History

DateAction
01/10/2012Prefiled and ordered printed; offered 01/11/12 12101663D
01/10/2012Referred to Committee on Privileges and Elections
01/17/2012Continued to 2013 in Privileges and Elections (15-Y 0-N) (see vote tally)
11/26/2012Passed by indefinitely in Privileges and Elections (8-Y 2-N) (see vote tally)