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2009 SESSION

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098653668
HOUSE BILL NO. 1709 Offered January 14, 2009 Prefiled January 5, 2009 A BILL to amend and reenact § 6.1-463 of the Code of Virginia, relating to lending activities of payday lenders. ---------- Patrons-- Oder, Hamilton, O'Bannon and Valentine ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1.  That § 6.1-463 of the Code of Virginia is amended and reenacted as follows:

§ 6.1-463. Other business.

A. No licensee shall conduct the business of making payday loans under this chapter at any office, suite, room, or place of business where any other business is solicited or conducted except a registered check cashing business or such other business as the Commission determines should be permitted, and subject to such conditions as the Commission deems necessary and in the public interest. No such other business shall be allowed except as permitted by Commission regulation or upon the filing of a written application with the Commission, payment of a $300 fee, and provision of such information as the Commission may deem pertinent. The Commission shall not, however, permit the sale of insurance or the enrolling of borrowers under group insurance policies.

B. No licensee shall engage in the extension of credit under an open-end credit or similar plan described in § 6.1-330.78. In addition to any other remedies or penalties provided for a violation of this chapter, any such extension of credit made by a licensee in violation of this subsection shall be unenforceable against the borrower.