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

Outcome

Bill Has Failed

History

DateAction
12/30/2015Prefiled and ordered printed; offered 01/13/16 16100726D
12/30/2015Referred to Committee on Commerce and Labor
01/12/2016Impact statement from SCC (SB164)
01/25/2016Committee substitute printed to Web only 16104729D-S1
01/25/2016Incorporates SB623
01/25/2016Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A) (see vote tally)
01/26/2016Incorporates SB623
01/27/2016Impact statement from SCC (SB164S1)