SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2018 SESSION
SB 625 Consumer finance companies; licensing by SCC.
Introduced by: Scott A. Surovell | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Consumer finance companies. Requires the State Corporation Commission, as a condition of licensing a consumer finance company, to find that the applicant will not make consumer finance loans at the same location at which the applicant makes payday loans or motor vehicle title loans. The measure also (i) sets the minimum and maximum amounts of a consumer finance loan at $500 and $35,000 respectively; (ii) requires that such loans be installment loans with a term that is not less than six months nor more than 120 months; (iii) sets the maximum annual interest rate on such loans at 36 percent; (iv) authorizes late payment fees of $20, provided they are set forth in a contract (v) authorizes loan processing fees of the greater of $75 or five percent of the principal amount of the loan but not to exceed $150; and (vi)increases the amount of a bad check fee from $15 to $25.
FULL TEXT
- 01/10/18 Senate: Prefiled and ordered printed; offered 01/10/18 18102243D pdf | impact statement
- 01/29/18 Senate: Committee substitute printed 18105185D-S1 pdf | impact statement
HISTORY
- 01/10/18 Senate: Prefiled and ordered printed; offered 01/10/18 18102243D
- 01/10/18 Senate: Referred to Committee on Commerce and Labor
- 01/29/18 Senate: Reported from Commerce and Labor with substitute (12-Y 2-N)
- 01/29/18 Senate: Committee substitute printed 18105185D-S1
- 01/31/18 Senate: Constitutional reading dispensed (39-Y 0-N)
- 02/01/18 Senate: Read second time
- 02/01/18 Senate: Passed by for the day
- 02/02/18 Senate: Passed by for the day
- 02/05/18 Senate: Read second time
- 02/05/18 Senate: Reading of substitute waived
- 02/05/18 Senate: Committee substitute agreed to 18105185D-S1
- 02/05/18 Senate: Motion to recommit to committee agreed to (20-Y 19-N)
- 02/05/18 Senate: Recommitted to Commerce and Labor
- 02/07/18 Senate: Reported from Commerce and Labor (12-Y 3-N)
- 02/09/18 Senate: Read second time
- 02/09/18 Senate: Engrossed by Senate - committee substitute SB625S1
- 02/12/18 Senate: Passed by temporarily
- 02/12/18 Senate: Passed by for the day
- 02/13/18 Senate: Passed by temporarily
- 02/13/18 Senate: Read third time and passed Senate (37-Y 2-N)
- 02/19/18 House: Placed on Calendar
- 02/19/18 House: Read first time
- 02/19/18 House: Referred to Committee on Commerce and Labor
- 02/20/18 House: Assigned C & L sub: Subcommittee #3
- 02/27/18 House: Subcommittee recommends continuing to 2019 by voice vote
- 03/06/18 House: Left in Commerce and Labor
- 01/21/19 House: Assigned C & L sub: