Consumer finance companies; loans, licensing. (SB33)
Introduced By
Sen. Scott Surovell (D-Mount Vernon) with support from co-patron Del. Kaye Kory (D-Falls Church)
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 »
Outcome
History
Date | Action |
---|---|
11/18/2019 | Prefiled and ordered printed; offered 01/08/20 20101103D |
11/18/2019 | Referred to Committee on Commerce and Labor |
01/07/2020 | Impact statement from SCC (SB33) |
02/09/2020 | Reported from Commerce and Labor with substitute (9-Y 6-N) (see vote tally) |
02/09/2020 | Committee substitute printed 20104525D-S1 |
02/10/2020 | Constitutional reading dispensed (39-Y 0-N) (see vote tally) |
02/11/2020 | Read second time |
02/11/2020 | Passed by temporarily |
02/11/2020 | Motion to recommit to committee agreed to |
02/11/2020 | Recommitted to Commerce and Labor |
02/12/2020 | Left in Commerce and Labor |
02/12/2020 | Impact statement from SCC (SB33S1) |