VA SB759 | 2025 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 10 2024 - 25% progression
Action: 2024-12-10 - Referred to Committee on Commerce and Labor
Pending: Senate Commerce and Labor Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Contracts assigning rights to earned wages; legal rate of interest. Provides that any contract entered into on or after July 1, 2025, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive earned wages, salary, commissions, or other compensation for services shall be considered a loan and that any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.

Tracking Information

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Title

Contracts assigning rights to earned wages; legal rate of interest.

Sponsors


History

DateChamberAction
2024-12-10SenateReferred to Committee on Commerce and Labor
2024-12-10SenatePrefiled and ordered printed; Offered 01-08-2025 25101242D

Virginia State Sources


Bill Comments

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