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Developed and maintained by the Division of Legislative Automated Systems.
2007 SESSION
(HB1514)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.