Payday loans; permitted interest. (SB54)

Introduced By

Sen. Mamie Locke (D-Hampton) with support from co-patron Del. Kaye Kory (D-Falls Church)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Payday loans; permitted interest. Removes provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to interest at a maximum annual rate of 36 percent. Read the Bill »


Bill Has Failed


12/16/2015Prefiled and ordered printed; offered 01/13/16 16101022D
12/16/2015Referred to Committee on Commerce and Labor
01/12/2016Impact statement from SCC (SB54)
01/25/2016Committee substitute printed to Web only 16104732D-S1
01/25/2016Incorporates SB189
01/25/2016Failed to report (defeated) in Commerce and Labor (4-Y 10-N) (see vote tally)
01/26/2016Incorporates SB189
01/27/2016Impact statement from SCC (SB54S1)