Consumer finance loans; caps maximum rate of interest. (HB103)

Introduced By

Del. Sam Rasoul (D-Roanoke)

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. Amends § 6.2-1520, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/14/2015Committee
12/14/2015Prefiled and ordered printed; offered 01/13/16 16100511D
12/14/2015Referred to Committee on Commerce and Labor
01/12/2016Impact statement from SCC (HB103)
01/26/2016Assigned to sub: Special Sub-Consumer Lending
01/26/2016Assigned C & L sub: Special Sub-Consumer Lending
02/04/2016Subcommittee recommends laying on the table (5-Y 2-N)
02/16/2016Left in Commerce and Labor