Open-end credit agreements; only seller of goods to extend credit under an agreement. (HB1004)

Introduced By

Del. David Yancey (R-Newport News)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Open-end credit agreements. Allows only a seller of goods to extend credit under an open-end credit agreement at such interest rates as the seller and borrower agree, provided a finance charge is not imposed if payment in full of the unpaid balance is received prior to the next billing date, which follows a 25-day grace period. To extend credit under such a plan, the loan must be for the sole purpose of financing the bona fide purchase price of goods used for personal, family, or household purposes. Currently, any lender may make such loans under an open-end credit plan. Sellers of such goods under an open-end credit agreement are prohibited from engaging in the extension of credit under any other chapter of Title 6.2. The measure provides that licensed consumer finance companies may not make loans under such open-end credit agreements. Read the Bill »


Bill Has Failed


01/08/2014Prefiled and ordered printed; offered 01/08/14 14102262D
01/08/2014Referred to Committee on Commerce and Labor
01/16/2014Impact statement from SCC (HB1004)
01/23/2014Assigned C & L sub: Subcommittee #1
01/23/2014Assigned C & L sub: Subcommittee #2
01/23/2014Impact statement from SCC (HB1004)
01/30/2014Subcommittee recommends laying on the table
02/12/2014Left in Commerce and Labor