Consumer finance companies; licensing by SCC. (SB625)

Introduced By

Sen. Scott Surovell (D-Mount Vernon) with support from co-patrons Sen. Dick Black (R-Leesburg), and Sen. Adam Ebbin (D-Alexandria)

Progress

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

Description

Consumer finance companies. Requires the State Corporation Commission, as a condition of licensing a consumer finance company, to find that the applicant will not make consumer finance loans at the same location at which the applicant makes payday loans or motor vehicle title loans. The measure also (i) sets the minimum and maximum amounts of a consumer finance loan at $500 and $35,000 respectively; (ii) requires that such loans be installment loans with a term that is not less than six months nor more than 120 months; (iii) sets the maximum annual interest rate on such loans at 36 percent; (iv) authorizes late payment fees of $20, provided they are set forth in a contract (v) authorizes loan processing fees of the greater of $75 or five percent of the principal amount of the loan but not to exceed $150; and (vi)increases the amount of a bad check fee from $15 to $25. Amends § 6.2-1507, § 6.2-1520, § 6.2-1523, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/10/2018Prefiled and ordered printed; offered 01/10/18 18102243D
01/10/2018Referred to Committee on Commerce and Labor
01/17/2018Impact statement from SCC (SB625)
01/29/2018Reported from Commerce and Labor with substitute (11-Y 3-N)
01/29/2018Reported from Commerce and Labor with substitute (12-Y 2-N) (see vote tally)
01/29/2018Committee substitute printed 18105185D-S1
01/31/2018Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/01/2018Read second time
02/01/2018Passed by for the day
02/02/2018Passed by for the day
02/02/2018Impact statement from SCC (SB625S1)
02/05/2018Read second time
02/05/2018Reading of substitute waived
02/05/2018Committee substitute agreed to 18105185D-S1
02/05/2018Motion to recommit to committee agreed to (20-Y 19-N) (see vote tally)
02/05/2018Recommitted to Commerce and Labor
02/07/2018Reported from Commerce and Labor (12-Y 3-N) (see vote tally)
02/09/2018Read second time
02/09/2018Engrossed by Senate - committee substitute SB625S1
02/12/2018Passed by temporarily
02/12/2018Passed by for the day
02/13/2018Passed by temporarily
02/13/2018Read third time and passed Senate (37-Y 2-N) (see vote tally)
02/19/2018Placed on Calendar
02/19/2018Read first time
02/19/2018Referred to Committee on Commerce and Labor
02/20/2018Assigned C & L sub: Subcommittee #3
02/27/2018Subcommittee recommends continuing to 2019
03/06/2018Left in Commerce and Labor