Virginia House Bill 12 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Slight Partisan Bill (Republican 9-5)
Status: Passed on April 23 2008 - 100% progression
Action: 2008-04-23 - Governor: Acts of Assembly Chapter text (CHAP0849)

Payday Loan Act. Requires the State Corporation Commission, by January 1, 2009, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether the loan is permissible. Licensees are required to pay a database inquiry fee to the database provider. A payday lender is prohibited from making a payday loan to a person if the loan would cause the borrower to have more than one payday loan outstanding at the same time and from making a payday loan on the same day that the person has paid a previous payday loan. Payday lenders are permitted to charge, on any payday loan, interest at an annual rate of 36 percent, a loan fee of not more than 20 percent of the loan proceeds, and a $5 verification fee. Payday lenders are prohibited from knowingly making loans to a member of the military service or to the spouse or dependent of such person. A borrower may enter into an extended payment plan, which allows the borrower to repay the loan in at least four equal installments over a period of not less than 60 days. A borrower may not enter into more than one extended payment plan in any 12-month period. A payday loan may not be made to a borrower in an extended payment plan or within 90 days after payment of an extended payment plan. The measure provides that the fifth payday loan made to a borrower within 180 days shall either be followed by a 45-day lockout period or be made as an extended term loan, under which the loan will be repaid in four equal installments over a 60-day period and be followed by a 90-day lockout period. Other provisions (i) prohibit a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (ii) require a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with certain restrictions and prohibitions contained in the Fair Debt Collection Practices Act; (iii) provide that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower; and (iv) state that the provisions of the Payday Loan Act apply to Internet lenders. The measure, except the authorization to establish the database, will become effective January 1, 2009.

Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database.

Sen. Kenneth Alexander [D]	Del. Joseph Bouchard [D]	Sen. John Cosgrove [R]	Del. Kirkland Cox [R]
Del. Chris Jones [R]	Del. Steven Landes [R]	Sen. Jennifer McClellan [D]	Del. Paula Miller [D]
Del. Harvey Morgan [R]	Del. David Nutter [R]	Del. Glenn Oder [R]	Del. Brenda Pogge [R]
Del. Thomas Rust [R]	Del. David Toscano [D]

Date	Chamber	Action
2008-04-23		Governor: Acts of Assembly Chapter text (CHAP0849)
2008-04-23		Governor: Approved by Governor-Chapter 849 (effective - see bill)
2008-04-23		Senate: Signed by President as reenrolled
2008-04-23		House: Signed by Speaker as reenrolled
2008-04-23		House: Reenrolled bill text (HB12ER2)
2008-04-23		House: Reenrolled
2008-04-23		Governor: Governor's recommendation adopted
2008-04-23		Senate: Senate concurred in Governor's recommendation (38-Y 0-N 1-A)
2008-04-23		House: VOTE: --- ADOPTION (86-Y 7-N)
2008-04-23		House: House concurred in Governor's recommendation (86-Y 7-N)
2008-04-22		House: Placed on Calendar
2008-04-11		House: Governor's recommendation received by House
2008-03-11		Senate: Signed by President
2008-03-08		House: Signed by Speaker
2008-03-08		House: Bill text as passed House and Senate (HB12ER)
2008-03-08		House: Enrolled
2008-03-06		House: VOTE: --- ADOPTION (77-Y 4-N)
2008-03-06		House: Senate substitute with amendments agreed to by House 089577668-S1 (77-Y 4-N)
2008-03-06		House: Placed on Calendar
2008-03-06		Senate: Passed Senate with substitute with amendments (37-Y 2-N 1-A)
2008-03-06		Senate: Engrossed by Senate - committee substitute with amendments HB12S1
2008-03-06		Senate: Amendments by Senator Stolle agreed to
2008-03-06		Senate: Reading of amendments waived
2008-03-06		Senate: Passed by temporarily
2008-03-06		Senate: Read third time
2008-03-05		Senate: Passed by for the day
2008-03-05		Senate: Read third time
2008-03-04		Senate: Passed by for the day
2008-03-04		Senate: Committee substitute agreed to 089577668-S1
2008-03-04		Senate: Reading of substitute waived
2008-03-04		Senate: Read third time
2008-03-04		Senate: Constitutional reading dispensed (40-Y 0-N)
2008-03-03		Senate: Committee substitute printed 089577668-S1
2008-03-03		Senate: Reported from Commerce and Labor with substitute (13-Y 0-N)
2008-02-12		Senate: Referred to Committee on Commerce and Labor
2008-02-12		Senate: Constitutional reading dispensed
2008-02-11		House: Communicated to Senate
2008-02-11		House: VOTE: --- PASSAGE (91-Y 7-N)
2008-02-11		House: Read third time and passed House (91-Y 7-N)
2008-02-08		House: Engrossed by House - committee substitute HB12H1
2008-02-08		House: Committee substitute agreed to 080182668-H1
2008-02-08		House: Read second time
2008-02-07		House: Read first time
2008-02-06		House: Committee substitute printed 080182668-H1
2008-02-05		House: Reported from Commerce and Labor with substitute (19-Y 3-N)
2007-11-27		House: Referred to Committee on Commerce and Labor
2007-11-27		House: Prefiled and ordered printed; offered 01/09/08 087795668

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?081+sum+HB12