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2009 SESSION

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HB 1709 Payday lenders; prohibited from making an unsecured loan, etc., with interest rate in excess of 36%.

Introduced by: G. Glenn Oder | all patrons    ...    notes | add to my profiles

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Open-end loans by payday lenders.  Prohibits licensed payday lenders from extending credit under open-end credit plans. Third parties are prohibited from making such loans at a payday lender's place of business.  The prohibition does not apply to such loans if secured by a lien on a motor vehicle title.  If a licensed payday lender relinquishes its license and then makes open-end loans, it may not be re-licensed to make payday loans for a period of 10 years.  The measure is emergency legislation that will take effect upon passage.  SB 1470 is identical. 


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