Virginia House Bill 956 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 9 2018 - 25% progression, died in committee
Action: 2018-02-13 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Payday loans. Changes the minimum term of a payday loan Payday loans. Changes the minimum term of a payday loan from two of the borrower's pay cycles to six months. The measure reduces the maximum amount of the loan fee that a licensee may charge from 20 percent of the total amount borrowed to 20 percent of the amount of the first $300 borrowed and 7.5 percent of any amount borrowed in excess of $300. The measure entitles a borrower to a refund of unearned interest and loan fee if the loan is prepaid in full prior to maturity. The measure adds a requirement that borrowers be given the option of structuring a payday loan as an installment loan payable in substantially equal monthly installments. The measure retains the provision authorizing a borrower to pay any outstanding single payment payday loan by means of an extended payment plan. The measure eliminates the existing provision that authorizes a borrower with five payday loans within 180 days to repay such fifth loan as an extended term loan in four installments over 60 days. The measure prohibits a licensee from refinancing or renewing an existing payday loan or amending the terms of an existing payday loan agreement in order to extend the term of the existing payday loan beyond its original term more than once. The measure allows a person to have more than one payday loan outstanding at any time if his aggregate principal amount does not exceed $500 and there is at least a 30-day period between the dates each payday loan is made. The measure prohibits a licensee from making a payday loan if the purpose of the loan is to enable the borrower to pay off a payday loan made by the licensee or another payday lender. Finally, the measure revises the existing provision that bars a licensee from making a new loan to a borrower on the same day that the borrower repaid a payday loan by stating that such loans are barred if made to pay off a payday loan made by the licensee or another

Payday loans; changes minimum term from two of the borrower's pay cycles to six months.

Del. David Yancey [R]

2018-02-06 - House - House: Subcommittee recommends passing by indefinitely (6-Y 1-N) (Y: 6 N: 1 NV: 3 Abs: 0) [PASS]

Date	Chamber	Action
2018-02-13	House	Left in Commerce and Labor
2018-02-06	House	Subcommittee recommends passing by indefinitely (6-Y 1-N)
2018-01-30	House	Assigned C & L sub: Subcommittee #3
2018-01-09	House	Referred to Committee on Commerce and Labor
2018-01-09	House	Prefiled and ordered printed; offered 01/10/18 18102363D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1800	(n/a)	See Bill Text
6	2	1810	(n/a)	See Bill Text
6	2	1815.1	(n/a)	See Bill Text
6	2	1816	(n/a)	See Bill Text
6	2	1816.1	(n/a)	See Bill Text
6	2	1817	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB956
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB956+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H1403V0050+HB0956