Consumer finance loans; rate of interest. (SB1372)

Introduced By

Sen. Dick Saslaw (D-Springfield)

Progress

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

Description

Consumer finance loans; rate of interest. Increases, from $2,500 to $4,000, the threshold under which consumer finance loans are subject to a maximum interest rate of 36 percent per year. Under this measure, a licensed consumer finance lender may charge interest (i) of not more than 36 percent on loans of $4,000 or less and (ii) at such rate as is stated in the loan contract on loans of more than $4,000. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2017Prefiled and ordered printed; offered 01/11/17 17101494D
01/11/2017Referred to Committee on Commerce and Labor
01/18/2017Impact statement from SCC (SB1372)
02/03/2017Passed by indefinitely in Commerce and Labor (15-Y 0-N) (see vote tally)