Loans; maximum amount of interest and fees permitted. (HB1324)

Introduced By

Del. Lamont Bagby (D-Richmond) with support from co-patrons Del. Patrick Hope (D-Arlington), Del. Kaye Kory (D-Falls Church), Del. Joe Lindsey (D-Norfolk), and Del. Marcus Simon (D-Falls Church)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Maximum interest and fees on loans. Caps the amount of fees and interest that a lender may collect on a payday loan, car title loan, open-end credit plan loan, and consumer finance loan at 500 percent of the principal loan amount. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/21/2016Committee
01/21/2016Presented and ordered printed 16104095D
01/21/2016Referred to Committee on Commerce and Labor
01/25/2016Impact statement from SCC (HB1324)
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 (7-Y 0-N)
02/16/2016Left in Commerce and Labor