Virginia House Bill 1986 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 9 2013 - 25% progression, died in committee
Action: 2013-02-05 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Open-end credit plan loans. Establishes requirements for open-end credit plan loans, which are revolving loans made under an open-end credit or similar plan under which a finance charge is imposed only if the obligor fails to repay the loan in full prior to the next billing date, which must be at least 25 days after the date the agreement is entered into and at least 25 days after the prior billing date. Persons making open-end credit plan loans are required to be licensed by the State Corporation Commission and are required to post a bond or equivalent instrument approved by the Commission. A violation of the measure is a prohibited practice under the Consumer Protection Act. The existing provision authorizing certain open-end loans to be at unlimited interest rates is limited to loans for the sole purpose of financing the bona fide purchase price of goods to be used for personal, family, or household purposes. The measure becomes effective on October 1, 2013.

Open-end credit plan; establishes requirements for certain loans.

Del. Gordon Helsel [R]

Date	Chamber	Action
2013-02-05	House	Left in Commerce and Labor
2013-01-15	House	Assigned C & L sub: #1
2013-01-09	House	Referred to Committee on Commerce and Labor
2013-01-09	House	Prefiled and ordered printed; offered 01/09/13 13102681D

Chapter	Article	Section	Citation Type	Statute Text
59	1	200	(n/a)	See Bill Text
6	2	2228	(n/a)	See Bill Text
6	2	2250	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?131+sum+HB1986
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+HB1986+hil