SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2004 SESSION
HB 471 Nonprofit Credit Counseling Act; created, abolishes Nonprofit Debt Counseling Agencies.
Introduced by: Samuel A. Nixon, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Nonprofit credit counseling. Requires credit counseling agencies to obtain a license from the State Corporation Commission in order to provide or offer to provide to consumers debt management plans. Under consumer debt management plans, an agency agrees to engage in debt settlement or debt pooling and distribution services on behalf of a consumer with the consumer's creditors, and the consumer gives money or control of his funds to the agency for distribution to the consumer's creditors. Licensees shall provide to consumers a statement that providing debt management plan services on behalf of the consumer may have a derogatory effect upon the consumer's credit report. The SCC's Bureau of Financial Institutions may investigate and examine the affairs, business, premises, and records of any person licensed or required to be licensed. The SCC may impose a fine or penalty on violators not exceeding $1,000. Any person operating without a license shall be guilty of a Class 1 misdemeanor. Any person who suffers loss by reason of a violation may bring a civil action. The SCC may request the Attorney General to investigate a suspected violation. Any violation constitutes a prohibited practice under the Virginia Consumer Protection Act. The measure does not apply to a person licensed to practice law in the Commonwealth. An agency that had been licensed under the current statutes regulating non-profit debt counseling agencies, which laws are repealed by this measure, is required to reapply for the new license by October 1, 2004.
FULL TEXT
- 01/14/04 House: Presented & ordered printed, prefiled 01/13/04 040412432 pdf | impact statements
- 01/30/04 House: Printed as engrossed 040412432-E pdf | impact statement
- 03/23/04 House: Bill text as passed House and Senate (HB471ER) pdf | impact statement
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0790) pdf
AMENDMENTS
HISTORY
- 01/14/04 House: Presented & ordered printed, prefiled 01/13/04 040412432
- 01/14/04 House: Referred to Committee on Commerce and Labor
- 01/27/04 House: Reported from Commerce and Labor (22-Y 0-N)
- 01/29/04 House: Read first time
- 01/30/04 House: Read second time
- 01/30/04 House: Amendments by Del. Nixon agreed to
- 01/30/04 House: Engrossed by House as amended HB471E
- 01/30/04 House: Printed as engrossed 040412432-E
- 02/02/04 House: Read third time and passed House (100-Y 0-N)
- 02/02/04 House: VOTE: PASSAGE (100-Y 0-N)
- 02/02/04 House: Communicated to Senate
- 02/03/04 Senate: Constitutional reading dispensed
- 02/03/04 Senate: Referred to Committee on Commerce and Labor
- 03/01/04 Senate: Reported from C. & L. with amendments (15-Y 0-N)
- 03/01/04 Senate: Rereferred to Courts of Justice
- 03/03/04 Senate: Reported from Courts of Justice w/amds (15-Y 0-N)
- 03/05/04 Senate: Constitutional reading dispensed (38-Y 0-N)
- 03/05/04 Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
- 03/05/04 Senate: Passed by for the day
- 03/05/04 Senate: Reconsideration of Passed by agreed to (36-Y 0-N)
- 03/05/04 Senate: VOTE: RECONSIDER R (36-Y 0-N)
- 03/05/04 Senate: Passed by for the day
- 03/08/04 Senate: Read third time
- 03/08/04 Senate: Reading of amendments waived
- 03/08/04 Senate: Committee amendments agreed to
- 03/08/04 Senate: Reading of amendments waived
- 03/08/04 Senate: Committee amendments agreed to
- 03/08/04 Senate: Engrossed by Senate as amended
- 03/08/04 Senate: Passed by for the day
- 03/09/04 Senate: Passed Senate with amendments (40-Y 0-N)
- 03/09/04 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 03/09/04 House: Placed on Calendar
- 03/10/04 House: Senate amendments agreed to by House (99-Y 0-N)
- 03/10/04 House: VOTE: ADOPTION (99-Y 0-N)
- 03/23/04 House: Bill text as passed House and Senate (HB471ER)
- 03/24/04 House: Enrolled
- 03/24/04 Senate: Signed by President
- 03/27/04 House: Signed by Speaker
- 04/14/04 Governor: Approved by Governor-Chapter 790 (effective 7/1/04)
- 04/21/04 Governor: Acts of Assembly Chapter text (CHAP0790)