Open-end credit plans. (HB1620)

Introduced By

Del. David Bulova (D-Fairfax) with support from co-patron Del. Sam Rasoul (D-Roanoke)

Progress

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

Description

Open-end credit plans. Prohibits any person licensed to make motor vehicle title loans from engaging in the extension of credit under an open-end credit plan. The measure also prohibits a third party from engaging in the extension of credit under an open-end credit plan at any office, suite, room, or place of business where a person licensed to make payday loans or motor vehicle title loans conducts the business of making payday loans or motor vehicle title loans. Currently, licensed payday lenders are prohibited from extending credit under an open-end credit plan, and a third party is prohibited from extending credit under an open-end credit plan at a location where a licensed payday lender makes payday loans. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/03/2017Committee
01/03/2017Prefiled and ordered printed; offered 01/11/17 17101493D
01/03/2017Referred to Committee on Commerce and Labor
01/06/2017Impact statement from SCC (HB1620)
01/17/2017Assigned C & L sub: Special Sub-Consumer Lending
01/26/2017Subcommittee recommends laying on the table
02/08/2017Left in Commerce and Labor

Duplicate Bills

The following bills are identical to this one: SB1038.