Consumer finance companies; loans, licensing. (SB1548)

Introduced By

Sen. Scott Surovell (D-Mount Vernon)

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 that 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
01/08/2019Prefiled and ordered printed; offered 01/09/19 19100338D
01/08/2019Referred to Committee on Commerce and Labor
01/15/2019Impact statement from SCC (SB1548)
01/21/2019Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A) (see vote tally)

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