Debt settlement services providers; licensure and regulation by State Corporation Commission. (HB1553)

Introduced By

Del. Rodney Willett (D-Henrico) with support from co-patron Del. Sam Rasoul (D-Roanoke)

Progress

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

Description

Debt settlement services providers; penalties. Provides for the licensure and regulation of debt settlement services providers by the State Corporation Commission. The measure defines "debt settlement services" as any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer. The measure prohibits licensees from accepting a fee from consumers prior to providing the consumers' requested debt settlement services. The requirements imposed by this measure on licensed providers of debt settlement services are similar to those applicable to agencies providing debt management plans. The measure provides for civil penalties against licensees that violate these requirements, grants consumers a private right of action against licensees, and makes a violation a prohibited practice under the Virginia Consumer Protection Act. The licensing and regulation of debt settlement services providers has a delayed effective date of July 1, 2021. The measure directs the State Corporation Commission to establish a procedure to be in effect by March 1, 2021, for any person to apply prior to July 1, 2021, for a license that will become effective when the licensing requirements of this measure become effective on July 1, 2021. Read the Bill »

Status

02/26/2020: Passed the Senate

History

DateAction
01/11/2020Presented and ordered printed 20105424D
01/11/2020Referred to Committee on Labor and Commerce
01/19/2020Impact statement from SCC (HB1553)
01/23/2020House committee, floor amendments and substitutes offered
01/23/2020Reported from Labor and Commerce with amendments (18-Y 1-N) (see vote tally)
01/23/2020Referred to Committee on Appropriations
01/24/2020Assigned App. sub: Compensation & General Government
02/04/2020House subcommittee amendments and substitutes offered
02/04/2020Subcommittee recommends reporting with amendment (6-Y 1-N)
02/05/2020House committee, floor amendments and substitutes offered
02/05/2020Reported from Appropriations with amendment (17-Y 3-N) (see vote tally)
02/06/2020Read first time
02/07/2020Read second time
02/07/2020Committee on Labor and Commerce amendments agreed to
02/07/2020Committee on Appropriations amendment agreed to
02/07/2020Engrossed by House as amended HB1553E
02/07/2020Printed as engrossed 20105424D-E
02/10/2020Read third time and passed House (86-Y 12-N)
02/10/2020VOTE: Passage (86-Y 12-N) (see vote tally)
02/11/2020Constitutional reading dispensed
02/11/2020Referred to Committee on Commerce and Labor
02/12/2020Impact statement from SCC (HB1553E)
02/17/2020Reported from Commerce and Labor with amendments (13-Y 2-N) (see vote tally)
02/17/2020Rereferred to Finance and Appropriations
02/18/2020Impact statement from VCSC (HB1553)
02/18/2020Impact statement from VCSC (HB1553EH1)
02/25/2020Reported from Finance and Appropriations (15-Y 0-N) (see vote tally)
02/26/2020VOTE: Adoption (71-Y 23-N) (see vote tally)
02/26/2020Constitutional reading dispensed (38-Y 0-N) (see vote tally)
02/26/2020Read third time
02/26/2020Reading of amendments waived
02/26/2020Committee amendments agreed to
02/26/2020Engrossed by Senate as amended
02/26/2020Passed Senate with amendments (31-Y 9-N) (see vote tally)
02/26/2020Senate amendments agreed to by House (71-Y 23-N)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 1 minute.

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