SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2003 SESSION

  • | print version

HB 1769 Payday loan advertising.

Introduced by: David A. Nutter | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Payday loan advertising. Requires a payday lender to include in any advertising materials that include the amount of any payment, or amount of any finance charge, a statement of the fees and charges, expressed as an annual percentage rate, on such loans. The statements shall use as an example a $300 loan payable in 14 days. The disclosure statements shall be conspicuous. The measure also makes several technical amendments regarding persons required to be licensed under the Payday Loan Act.

SUMMARY AS PASSED HOUSE:

Payday loan advertising. Requires a payday lender to include in any advertising materials that include the amount of any loan available or any payment, the period of repayment, or amount of any finance charge, a statement of the fees and charges, expressed as an annual percentage rate, on such loans. The statements shall use as an example a $300 loan payable in 14 days. The disclosure statements shall be conspicuous. The measure also makes several technical amendments regarding persons required to be licensed under the Payday Loan Act.

SUMMARY AS INTRODUCED:

Payday loan advertising. Requires a payday lender to include in any advertising materials a statement of the fees and charges, expressed as an annual percentage rate, on such loans. The statements shall use as an example a $300 loan payable in 14 days. The type, size and location of the statement must be easily understood by persons to whom the advertising materials are directed.