Payday loans; permitted interest. (SB54)
Introduced By
Sen. Mamie Locke (D-Hampton) with support from co-patron Del. Kaye Kory (D-Falls Church)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
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 »
Outcome
Bill Has Failed
History
| Date | Action |
|---|---|
| 12/16/2015 | Prefiled and ordered printed; offered 01/13/16 16101022D |
| 12/16/2015 | Referred to Committee on Commerce and Labor |
| 01/12/2016 | Impact statement from SCC (SB54) |
| 01/25/2016 | Committee substitute printed to Web only 16104732D-S1 |
| 01/25/2016 | Incorporates SB189 |
| 01/25/2016 | Failed to report (defeated) in Commerce and Labor (4-Y 10-N) (see vote tally) |
| 01/26/2016 | Incorporates SB189 |
| 01/27/2016 | Impact statement from SCC (SB54S1) |