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2016 SESSION

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HB 1075 Consumer finance loans; rate of interest.

Introduced by: David E. Yancey | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Consumer finance loans; rate of interest. Caps the maximum rate of interest that a licensed consumer finance company may charge on any loan at 36 percent annually. The measure eliminates the existing provision that permits such licensees to charge any agreed-upon amount of interest on consumer finance loans over $2,500. The measure also limits the late charge that a licensee may charge to the greater of $20 or five percent of the unpaid installment. Currently, such late charges may not exceed five percent of the unpaid installment. Finally, the measure extends the grace period that must elapse before a late charge may be assessed from seven to 10 calendar days. The measure does not prohibit the collection of an outstanding loan made prior to the measure's effective date.


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