Payday loans; permitted interest. (SB157)
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 »
Status
02/10/2014: Failed to Pass in Committee
History
| Date | Action |
|---|---|
| 12/31/2013 | Prefiled and ordered printed; offered 01/08/14 14100257D |
| 12/31/2013 | Referred to Committee on Commerce and Labor |
| 01/09/2014 | Impact statement from SCC (SB157) |
| 01/17/2014 | Assigned C&L sub: Payday Loans |
| 02/10/2014 | Passed by indefinitely in Commerce and Labor (12-Y 3-N) (see vote tally) |
Comments
VHC supports this bill. Current out of control interest rates and fees on Payday Loans can quickly bury low and moderate income Virginians in debt, affecting their abilities to pay their housing costs, which can lead to homelessness or a move to substandard housing.