SCC; regulation of consumer finance companies. (HB1248)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Consumer finance companies. Updates several administrative provisions regarding the regulation of consumer finance companies by the State Corporation Commission's Bureau of Financial Institutions (Bureau). These provisions include matters relating to the licensing process, license suspension and revocation, conducting other types of business, investigations, examinations, fees, recordkeeping, civil penalties, reporting, and enforcement, including the issuance by the Attorney General of civil investigative demands. The measure adds a bonding requirement and authorization to issue cease and desist orders. The measure replaces the existing system under which a separate license is issued by the Bureau for each office in the Commonwealth where a person makes consumer finance loans to one that provides for the issuance of a single license to a consumer finance company, which may allow it to make loans at multiple locations. The measure also authorizes the Bureau to license out-of-state consumer finance companies, including lenders that operate via the Internet. The measure has a delayed effective date of January 1, 2019, and requires the Bureau to establish a procedure that allows applicants to apply for licensure prior to that date. An enactment clause authorizes the Bureau to issue a new license to currently licensed consumer finance companies in good standing upon compliance with the new bonding requirements. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2018Committee
01/10/2018Prefiled and ordered printed; offered 01/10/18 18102020D
01/10/2018Referred to Committee on Commerce and Labor
01/26/2018Impact statement from SCC (HB1248)
01/30/2018Assigned C & L sub: Subcommittee #3
02/06/2018Subcommittee recommends reporting with substitute (9-Y 0-N)
02/08/2018Reported from Commerce and Labor with substitute (12-Y 9-N) (see vote tally)
02/08/2018Committee substitute printed 18105444D-H1
02/10/2018Read first time
02/12/2018Motion to rerefer to committee agreed to
02/12/2018Rereferred to Commerce and Labor
02/12/2018Impact statement from SCC (HB1248H1)
02/13/2018Left in Commerce and Labor