AMENDMENT(S) PROPOSED BY THE HOUSE

COMMERCE AND LABOR

1. Line 76, introduced, after institution,

insert

Consumer Finance Act (§ 6.1-244 et seq.) licensee, affiliate or subsidiary of any bank or savings institution,

COMMERCE AND LABOR

2. Line 129, introduced, after such denial

strike

the remainder of line 129, all of lines 130 and 131, and through review on line 132

COMMERCE AND LABOR

3. Line 174, introduced, after by

strike

order of

COMMERCE AND LABOR

4. Line 174, introduced, after Commissioner

insert

by notice

COMMERCE AND LABOR

5. Line 175, introduced, after for the denial

strike

the remainder of line 175, all of lines 176 and 177, and through review on line 178

COMMERCE AND LABOR

6. Line 480, introduced, after with

strike

§ 2.2-4020 and

COMMERCE AND LABOR

7. Line 486, introduced, after reasons

strike

the remainder of line 486 and through § 2.2-4020 on line 487

COMMERCE AND LABOR

8. Line 492, introduced, after with

strike

§ 2.2-4020 and

COMMERCE AND LABOR

9. Line 522, introduced, after subject

strike

the

insert

to any and all of the enforcement

COMMERCE AND LABOR

10. Line 644, introduced, after who

strike

is

insert

was

COMMERCE AND LABOR

11. Line 645, introduced, after on

strike

July 1

insert

April 30

COMMERCE AND LABOR

12. Line 646, introduced, after person

insert

who was

COMMERCE AND LABOR

13. Line 648, introduced

strike

July 1

insert

April 30

COMMERCE AND LABOR

14. Line 652, introduced, after hearing

strike

pursuant to § 2.2-4020

COMMERCE AND LABOR

15. Line 654, introduced, after hearing

strike

pursuant to § 2.2-4023

COMMERCE AND LABOR

16. After line 659, introduced

insert

4. That until January 1, 2008, the State Corporation Commission shall only issue a license under Chapter 20 (§ 6.1-474 et seq.) of Title 6.1 of the Code of Virginia to persons who were engaged on April 30, 2006, in the business of making motor vehicle equity loans to consumers residing in the Commonwealth. Until January 1, 2008, the Commission shall only issue a license for such locations where the business of making motor vehicle equity loans was conducted on April 30, 2006,  and shall only approve a change in location for such licensed locations if a licensee’s lease expires or for any other reason the licensee is not able to occupy the premises. On or before January 1, 2008, the Bureau of Financial Institutions of the State Corporation Commission shall submit a report to the General Assembly regarding the motor vehicle equity loan business in the Commonwealth. The report shall include information on the number of loans made annually, the rate of repossession, and a summary of customer complaints concerning the motor vehicle equity loan business. To enable the Bureau of Financial Institutions to make the report, persons engaged in the business of making motor vehicle equity loans shall make such reports to the Bureau and submit to such examinations as the Commissioner may require.