SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2016 SESSION

  • | print version

SB 164 Consumer finance loans; rate of interest.

Introduced by: Scott A. Surovell | 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 lesser 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.


FULL TEXT

HISTORY