Financial institutions; sales-based financing providers. (HB1027)

Introduced By

Del. Kathy Tran (D-Springfield)

Progress

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

Description

Financial institutions; sales-based financing providers. Requires a provider or broker of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in Commonwealth and any forum for any face-to-face arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. The bill prohibits a sales-based financing contract from containing a confession by judgment or any similar provision. The bill requires the Commission to adopt regulations to implement the provisions of the bill. The bill authorizes the Attorney General to seek to enjoin violations of the bill's provisions and to seek damages and other relief as allowed by law. The provisions of the bill apply to sales-based financing contracts or agreements entered into on or after July 1, 2022. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2022Committee
01/12/2022Prefiled and ordered printed; offered 01/12/22 22104226D
01/12/2022Referred to Committee on Commerce and Energy
01/24/2022Impact statement from SCC (HB1027)
01/25/2022Assigned sub: Subcommittee #2
01/27/2022Subcommittee recommends reporting with substitute (10-Y 0-N)
02/03/2022House subcommittee amendments and substitutes offered
02/03/2022Subcommittee recommends reporting with substitute (9-Y 1-N)
02/08/2022House committee, floor amendments and substitutes offered
02/08/2022Reported from Commerce and Energy with substitute (22-Y 0-N) (see vote tally)
02/08/2022Committee substitute printed 22106315D-H1
02/10/2022Read first time
02/11/2022House committee, floor amendments and substitutes offered
02/11/2022Read second time
02/11/2022Committee substitute agreed to 22106315D-H1
02/11/2022Amendment by Delegate Tran agreed to
02/11/2022Engrossed by House - committee substitute with amendment HB1027EH1
02/11/2022Printed as engrossed 22106315D-EH1
02/14/2022Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/14/2022VOTE: Block Vote Passage (99-Y 0-N) (see vote tally)
02/15/2022Impact statement from SCC (HB1027EH1)
02/16/2022Constitutional reading dispensed
02/16/2022Referred to Committee on Commerce and Labor
02/28/2022Senate committee, floor amendments and substitutes offered
02/28/2022Reported from Commerce and Labor with amendments (15-Y 0-N) (see vote tally)
03/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
03/03/2022Read third time
03/03/2022Reading of amendments waived
03/03/2022Committee amendments agreed to
03/03/2022Engrossed by Senate as amended
03/03/2022Passed Senate with amendments (39-Y 0-N) (see vote tally)
03/07/2022Senate amendments agreed to by House (95-Y 0-N)
03/07/2022VOTE: Adoption (95-Y 0-N) (see vote tally)
03/10/2022Enrolled
03/10/2022Bill text as passed House and Senate (HB1027ER)
03/10/2022Impact statement from SCC (HB1027ER)
03/10/2022Signed by Speaker
03/10/2022Signed by President
03/22/2022Enrolled Bill communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 516 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0516)

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