Payday loans; permitted interest. (SB164)

Introduced By

Sen. Mamie Locke (D-Hampton)

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. Amends § 6.2-1816, § 6.2-1817, § 6.2-1818, of the Code of Virginia. Read the Bill »

Status

02/10/2014: Failed to Pass in Committee

History

DateAction
12/31/2013Prefiled and ordered printed; offered 01/08/14 14102234D
12/31/2013Referred to Committee on Commerce and Labor
01/09/2014Impact statement from SCC (SB164)
01/17/2014Assigned C&L sub: Payday Loans
02/10/2014Passed by indefinitely in Commerce and Labor (12-Y 3-N) (see vote tally)

Duplicate Bills

The following bills are identical to this one: SB157.

Comments

VHC Admin writes:

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.