VA SB164 | 2016 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on December 30 2015 - 25% progression, died in chamber
Action: 2016-01-25 - Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A)
Text: Latest bill text (Comm Sub) [HTML]

Summary

Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure also limits the late charge that a licensee may charge to the lesser of $20 or five percent of the unpaid installment. Currently, such late charges may not exceed five percent of the unpaid installment. Finally, the measure extends the grace period that must elapse before a late charge may be assessed from seven to 10 calendar days.

Tracking Information

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Title

Consumer finance loans; rate of interest.

Sponsors


Roll Calls

2016-01-25 - Senate - Senate: Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A) (Y: 4 N: 9 NV: 0 Abs: 1) [FAIL]

History

DateChamberAction
2016-01-25SenateFailed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A)
2016-01-25SenateIncorporates SB623
2016-01-25SenateCommittee substitute printed to Web only 16104729D-S1
2015-12-30SenateReferred to Committee on Commerce and Labor
2015-12-30SenatePrefiled and ordered printed; offered 01/13/16 16100726D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
621520(n/a)See Bill Text

Virginia State Sources


Bill Comments

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