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]
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.
Title
Consumer finance loans; rate of interest.
Sponsors
Sen. Scott Surovell [D] | Sen. Mamie Locke [D] | Sen. Adam Ebbin [D] | Sen. Janet Howell [D] |
Sen. Donald McEachin [D] |
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
Date | Chamber | Action |
---|---|---|
2016-01-25 | Senate | Failed to report (defeated) in Commerce and Labor (4-Y 9-N 1-A) |
2016-01-25 | Senate | Incorporates SB623 |
2016-01-25 | Senate | Committee substitute printed to Web only 16104729D-S1 |
2015-12-30 | Senate | Referred to Committee on Commerce and Labor |
2015-12-30 | Senate | Prefiled and ordered printed; offered 01/13/16 16100726D |