SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2007 SESSION

  • | print version

SB 1014 Payday Loan Act; SCC to contract with third party to develop Internet accessible database.

Introduced by: Richard L. Saslaw | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Payday Loan Act.  Requires the State Corporation Commission, by July 1, 2008, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether an applicant is eligible for the loan. Fifty cents may be charged to defray the costs of using the database. A payday lender is prohibited from making a payday loan to a person who has terminated a payday loan on the loan application date, or if the loan would cause the borrower to have more than three payday loans outstanding at the same time. Payday lenders are prohibited from knowingly making loans to a member of the military service or to the spouse of such person. If a borrower obtains three or more consecutive payday loans, the borrower may enter into an extended payment plan, which allows the borrower to repay the loan in at least two equal installments over 60 days. The installments may be secured by three checks written by the borrower. A payday loan may not be made to a borrower in an extended payment plan. Other provisions (i) prohibit a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (ii) require a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with certain restrictions and prohibitions contained in the Fair Debt Collection Practices Act; (iii) provide that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower; (iv) state that the provisions of the Payday Loan Act apply to Internet lenders; and (v) allow licensees to secure payday loans with the borrower's electronic debit authorization.


FULL TEXT

AMENDMENTS

HISTORY

  • 01/09/07  Senate: Prefiled and ordered printed; offered 01/10/07 070205780
  • 01/09/07  Senate: Referred to Committee on Commerce and Labor
  • 01/22/07  Senate: Reported from Commerce and Labor with amendment (11-Y 4-N)
  • 01/24/07  Senate: Constitutional reading dispensed (40-Y 0-N)
  • 01/24/07  Senate: VOTE: (40-Y 0-N)
  • 01/25/07  Senate: Read second time
  • 01/25/07  Senate: Passed by temporarily
  • 01/25/07  Senate: Reading of amendment waived
  • 01/25/07  Senate: Committee amendment agreed to
  • 01/25/07  Senate: Reading of amendment waived
  • 01/25/07  Senate: Amendment by Senator Locke rejected
  • 01/25/07  Senate: Reading of amendment waived
  • 01/25/07  Senate: Amendment by Senator Reynolds rejected
  • 01/25/07  Senate: Reading of amendments waived
  • 01/25/07  Senate: Amendments #'s 2,3,4 by Senator Edwards agreed to
  • 01/25/07  Senate: Amendment #5 by Senator Edwards withdrawn
  • 01/25/07  Senate: Reading of amendment waived
  • 01/25/07  Senate: Amendment #6 by Senator Edwards rejected
  • 01/25/07  Senate: Amendment #1 by Senator Edwards withdrawn
  • 01/25/07  Senate: Engrossed by Senate as amended SB1014E
  • 01/25/07  Senate: Printed as engrossed 070205780-E
  • 01/26/07  Senate: Read third time and passed Senate (35-Y 2-N 1-A)
  • 01/26/07  Senate: VOTE: (35-Y 2-N 1-A)
  • 01/26/07  Senate: Communicated to House
  • 02/06/07  House: Placed on Calendar
  • 02/06/07  House: Read first time
  • 02/06/07  House: Referred to Committee on Commerce and Labor
  • 02/13/07  House: Reported from Commerce and Labor with substitute (15-Y 7-N)
  • 02/14/07  House: Committee substitute printed 070283816-H1
  • 02/15/07  House: Read second time
  • 02/16/07  House: Read third time
  • 02/16/07  House: Committee substitute agreed to 070283816-H1
  • 02/16/07  House: Engrossed by House - committee substitute SB1014H1
  • 02/16/07  House: Pending question ordered
  • 02/16/07  House: Passed House with substitute (72-Y 27-N)
  • 02/16/07  House: VOTE: PASSAGE (72-Y 27-N)
  • 02/20/07  Senate: Passed by for the day
  • 02/21/07  Senate: House substitute agreed to by Senate (36-Y 3-N 1-A)
  • 02/21/07  Senate: VOTE: (36-Y 3-N 1-A)
  • 02/22/07  Senate: Reconsideration of House substitute agreed to by Senate (39-Y 0-N 1-A)
  • 02/22/07  Senate: VOTE: (39-Y 0-N 1-A)
  • 02/22/07  Senate: House substitute rejected by Senate (0-Y 39-N 1-A)
  • 02/22/07  Senate: VOTE: (0-Y 39-N 1-A)
  • 02/22/07  House: House insisted on substitute
  • 02/22/07  House: House requested conference committee
  • 02/22/07  Senate: Senate acceded to request (30-Y 0-N)
  • 02/22/07  Senate: VOTE: (30-Y 0-N)
  • 02/22/07  Senate: Conferees appointed by Senate
  • 02/22/07  Senate: Senators: Saslaw, Watkins, Edwards
  • 02/22/07  House: Conferees appointed by House
  • 02/22/07  House: Delegates: Ware, R. L., Byron, Sickles
  • 02/24/07  Senate: No further action taken
  • 02/24/07  Senate: Failed to pass in Senate