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- Subject Index: Since 1995
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2015 SESSION
SB 859 Open-end lending by banks, savings institutions, etc.; determining grace period.
Introduced by: A. Benton "Ben" Chafin | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Open-end lending by banks, savings institutions, and credit unions; credit cards; grace period. Adjusts the period used in determining whether a borrower has repaid his open-end credit card balance in full and therefore is exempt from a finance charge on purchases of merchandise or services. The measure provides that a bank, savings institution, or credit union shall not impose a finance charge on purchases of merchandise or services by credit card if payment in full of the unpaid balance owing for extensions of credit is received prior to the payment due date and requires the payment due date to be at least 25 days later than the billing date. The requirement for a 25-day grace period for payments on an open-end credit plan by a credit union that does not involve a credit card is deleted. Under existing law, the next billing date, rather than the payment due date, applies. This bill is identical to HB 1800.
FULL TEXT
- 01/07/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102326D pdf | impact statement
- 01/19/15 Senate: Committee substitute printed 15103930D-S1 pdf | impact statement
- 02/10/15 House: Committee substitute printed 15104994D-H1 pdf | impact statement
- 02/18/15 Senate: Bill text as passed Senate and House (SB859ER) pdf | impact statement
- 03/23/15 Governor: Acts of Assembly Chapter text (CHAP0453) pdf
HISTORY
- 01/07/15 Senate: Prefiled and ordered printed; offered 01/14/15 15102326D
- 01/07/15 Senate: Referred to Committee on Commerce and Labor
- 01/19/15 Senate: Reported from Commerce and Labor with substitute (14-Y 0-N)
- 01/19/15 Senate: Committee substitute printed 15103930D-S1
- 01/21/15 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/22/15 Senate: Read second time
- 01/22/15 Senate: Reading of substitute waived
- 01/22/15 Senate: Committee substitute agreed to 15103930D-S1
- 01/22/15 Senate: Passed by for the day
- 01/23/15 Senate: Read second time
- 01/23/15 Senate: Engrossed by Senate - committee substitute SB859S1
- 01/26/15 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/30/15 House: Placed on Calendar
- 01/30/15 House: Read first time
- 01/30/15 House: Referred to Committee on Commerce and Labor
- 02/10/15 House: Reported from Commerce and Labor with substitute (22-Y 0-N)
- 02/10/15 House: Committee substitute printed 15104994D-H1
- 02/11/15 House: Read second time
- 02/12/15 House: Read third time
- 02/12/15 House: Committee substitute agreed to 15104994D-H1
- 02/12/15 House: Engrossed by House - committee substitute SB859H1
- 02/12/15 House: Passed House with substitute (98-Y 0-N 1-A)
- 02/12/15 House: VOTE: PASSAGE (98-Y 0-N 1-A)
- 02/16/15 Senate: House substitute agreed to by Senate (38-Y 0-N)
- 02/16/15 Senate: Title replaced 15104994D-H1
- 02/18/15 Senate: Enrolled
- 02/18/15 Senate: Bill text as passed Senate and House (SB859ER)
- 02/18/15 House: Signed by Speaker
- 02/20/15 Senate: Signed by President
- 02/23/15 Senate: Enrolled Bill Communicated to Governor on 2/23/15
- 02/23/15 Governor: Governor's Action Deadline Midnight, Sunday, March 29, 2015
- 03/23/15 Governor: Approved by Governor-Chapter 453 (effective 7/1/15)
- 03/23/15 Governor: Acts of Assembly Chapter text (CHAP0453)