Consumer finance companies; loans, licensing. (HB1265)

Introduced By

Del. Jennifer Carroll Foy (D-Woodbridge)

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 from $15 to $25 the amount of a bad check fee. Read the Bill »

Status

01/21/2020: Incorporated into Another Bill

History

DateAction
01/08/2020Committee
01/08/2020Prefiled and ordered printed; offered 01/08/20 20103299D
01/08/2020Referred to Committee on Labor and Commerce
01/17/2020Impact statement from SCC (HB1265)
01/21/2020Incorporated by Labor and Commerce (HB789-Bagby)

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