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