Consumer finance companies; open-end credit plans, sharing location with motor vehicle title lender. (SB406)

Introduced By

Sen. Dick Saslaw (D-Springfield) with support from co-patrons Sen. Barbara Favola (D-Arlington), and Sen. Janet Howell (D-Reston)

Progress

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

Description

Consumer finance companies; open-end credit plans; sharing location with motor vehicle title lender. Prohibits any consumer finance company or person extending credit under an open-end credit plan from making loans at any location where a motor vehicle title lender is authorized to conduct business. The measure also prohibits a motor vehicle title lender from authorizing or permitting a consumer finance company or open-end credit plan lender to conduct business at any location where the motor vehicle title lender is authorized to conduct business. Any loan contract made by a consumer finance company or open-end credit plan lender from a title lender's place of business shall be unenforceable against the borrower. The measure does not prohibit the collection of any outstanding consumer finance loan or extension of credit made prior to the measure's effective date. Amends § 6.2-1524, § 6.2-2215, § 6.2-312, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/12/2016Prefiled and ordered printed; offered 01/13/16 16101601D
01/12/2016Referred to Committee on Commerce and Labor
01/19/2016Impact statement from SCC (SB406)
01/25/2016Continued to 2017 in Commerce and Labor (12-Y 0-N) (see vote tally)
12/02/2016Left in Commerce and Labor