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1995 SESSION

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SB 800 Consumer Protection Act; civil penalties.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Virginia Consumer Protection Act (VCPA). Amends the VCPA as follows: (i) increases the maximum civil penalty for engaging in a prohibited practice under the Act from $1,000 to $2,500 per violation and increases from $200 to $1,000 the maximum recovery for expenses incurred by the state or local agency investigating such violation; (ii) increases the minimum damage award in successful individual actions from $100 to $500; (iii) authorizes, for willful violations, an award of three times the actual damages or $1,000, whichever is greater, and an award of attorney's fees and court costs; (iv) empowers the Attorney General to issue civil investigative demands; (v) exempts from the Act's provisions mortgage lenders and broker-dealers otherwise regulated and supervised, and real estate licensees; and (vi) establishes a two-year statute of limitations for individual actions. The bill also contains technical amendments.


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