Motor vehicle title loans, payday loans, and open-end credit plans; caps interest rate. (HB1989)
Introduced By
Sen. Joe Morrissey (D-Richmond)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Motor vehicle title loans, payday loans, and open-end credit plans; interest rate. Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at 36 percent per year. The bill also prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. Read the Bill »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 01/14/2015 | Committee |
| 01/14/2015 | Prefiled and ordered printed; offered 01/14/15 15101965D |
| 01/14/2015 | Referred to Committee on Commerce and Labor |
| 01/21/2015 | Impact statement from SCC (HB1989) |
| 01/27/2015 | Passed by indefinitely in Commerce and Labor |