Consumer loans; interest rate limits and lending practices. (HB250)

Introduced By

Del. Randy Minchew (R-Leesburg) with support from co-patron Del. Joe Lindsey (D-Norfolk)

Progress

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

Description

Consumer loans; interest rate limits and lending practices. Caps the rate of interest that may be charged on motor vehicle title loans, consumer finance company loans, payday loans, and open-end credit plans at 36 percent per year. The measure prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. The measure also prohibits a person making such a loan from (i) conditioning the making of the loan on the consumer's use of preauthorized transfers; (ii) making such a loan pursuant to an agreement under which the consumer permits the lender to access the consumer's account through preauthorized transfers; (iii) using an electronic check conversion transaction as a method of receiving a payment or collecting any amount due in connection with a loan; iv) making such a loan with terms and conditions that, if the consumer was a covered member of the armed forces or a dependent of such a member, would violate the Military Lending Act; or (v) restricting the authority of the consumer to disclose to any person the provisions of any loan agreement. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/30/2015Committee
12/30/2015Prefiled and ordered printed; offered 01/13/16 16102782D
12/30/2015Referred to Committee on Commerce and Labor
01/15/2016Impact statement from SCC (HB250)
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