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2020 SESSION
SB 855 Financial institutions; small loans, penalty.
Introduced by: Lynwood W. Lewis, Jr. | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Financial institutions; small loans; penalty. Prohibits any person from making a small loan unless such person is licensed by the State Corporation Commission. The bill defines "small loan" as an unsecured loan or credit of $5,000 or less extended to a borrower for a personal, family, household, or other noncommercial purpose pursuant to a small loan agreement. The bill also prohibits any person from engaging in the business of arranging or brokering small loans for any consumer residing in the Commonwealth without registering with the Commission. Under the provisions of the bill, a licensee may charge and collect periodic interest at any rate up to 36 percent agreed to by the parties and may also charge and collect a customary daily fee. The bill provides exemptions for certain institutions and persons licensed by the Commission to provide consumer finance loans or motor vehicle loans.
The bill provides for qualifications for licensure, posting of a bond, financial solvency requirements, reporting requirements, and recordkeeping and retention requirements. The bill authorizes the Commission to investigate and examine applicants and licensees, to revoke or suspend licenses, to issue cease and desist orders, and to impose a civil penalty of up to $10,000 for violations of the small loan provisions. The bill allows the Commission to refer violations to the Attorney General, and the Attorney General may seek injunctive relief and monetary damages.
FULL TEXT
- 01/08/20 Senate: Prefiled and ordered printed; offered 01/08/20 20104084D pdf | impact statement
- 02/09/20 Senate: Committee substitute printed 20106455D-S1 pdf | impact statement
HISTORY
- 01/08/20 Senate: Prefiled and ordered printed; offered 01/08/20 20104084D
- 01/08/20 Senate: Referred to Committee on Commerce and Labor
- 01/27/20 Senate: Failed to report (defeated) in Commerce and Labor (7-Y 8-N)
- 02/03/20 Senate: Reconsidered by Commerce and Labor
- 02/09/20 Senate: Reported from Commerce and Labor with substitute (9-Y 6-N)
- 02/09/20 Senate: Committee substitute printed 20106455D-S1
- 02/09/20 Senate: Rereferred to Finance and Appropriations
- 02/10/20 Senate: Reported from Finance and Appropriations (10-Y 6-N)
- 02/11/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/20 Senate: Read second time
- 02/11/20 Senate: Reading of substitute waived
- 02/11/20 Senate: Committee substitute agreed to 20106455D-S1
- 02/11/20 Senate: Engrossed by Senate - committee substitute SB855S1
- 02/11/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/20 Senate: Defeated by Senate (12-Y 28-N)