Virginia Senate Bill 37 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on November 18 2019 - 25% progression, died in chamber
Action: 2020-01-27 - Incorporated by Commerce and Labor
Text: Latest bill text (Prefiled) [HTML]

Open-end credit plans; civil penalty. Requires that any person engaged in the business of extending credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent obtain a license to do so from the State Corporation Commission. The measure prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan and prohibits a third party from making open-end credit loans in the office of a licensed motor vehicle title lender. The measure prohibits a person that extends credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent from (i) obtaining or accepting from a borrower an authorization to electronically debit the borrower's deposit account; (ii) failing to comply with certain restrictions and prohibitions applicable to debt collectors contained in the federal Fair Debt Collection Practices Act; (iii) filing a legal proceeding against a borrower until 60 days after the date of default on an open-end credit plan, during which period the person and the borrower may voluntarily enter into a repayment arrangement; or (iv) causing a person to be obligated to the licensee for a principal amount that exceeds $500. The measure also makes it a prohibited practice under the Virginia Consumer Protection Act to violate the requirements applicable to extending credit under an open-end credit plan.

Open-end credit plans; civil penalty.

Sen. Scott Surovell [D]

2020-01-27 - Senate - Senate: Incorporated by Commerce and Labor (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-01-27	Senate	Incorporated by Commerce and Labor
2019-11-18	Senate	Referred to Committee on Commerce and Labor
2019-11-18	Senate	Prefiled and ordered printed; offered 01/08/20 20101104D

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB37
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB37+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0040+SB0037