Consumer finance loans; rate of interest. (SB164)
Introduced By
Sen. Scott Surovell (D-Mount Vernon) with support from co-patron Sen. Janet Howell (D-Reston)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure also limits the late charge that a licensee may charge to the lesser of $20 or five percent of the unpaid installment. Currently, such late charges may not exceed five percent of the unpaid installment. Finally, the measure extends the grace period that must elapse before a late charge may be assessed from seven to 10 calendar days. Read the Bill »
Outcome
History
Date | Action |
---|---|
12/30/2015 | Prefiled and ordered printed; offered 01/13/16 16100726D |
12/30/2015 | Referred to Committee on Commerce and Labor |
01/12/2016 | Impact statement from SCC (SB164) |
01/25/2016 | Committee substitute printed to Web only 16104729D-S1 |
01/25/2016 | Incorporates SB623 |
01/25/2016 | Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A) (see vote tally) |
01/26/2016 | Incorporates SB623 |
01/27/2016 | Impact statement from SCC (SB164S1) |