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1997 SESSION
SB 1032 Charges by banks or savings institutions; revolving credit, etc.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles
SUMMARY:
Banking and finance; charges by banks or savings institutions; revolving credit; open-end sales and loan plans. Amends provisions of Virginia law relating to the terms and conditions associated with the use of credit cards and other revolving or open-end credit plans. This bill will eliminate provisions that specifically state the method of applying the rate of interest to the charge balance, leaving these terms to be negotiated as a matter of contract. Several requirements regarding the relationship between the cardholder and lender are deleted from existing state law; however, these aspects are still governed by applicable federal law. Among the provisions eliminated are: the requirement that the bill be mailed within eight business days of the billing date, the state provision requiring payments to be credited within two banking days of receipt, and a disclosure requirement on new accounts and billing statements. Additionally, the special notice relating to rate increases as to balances existing on or before April 1, 1983, is deleted. This bill also makes federal law and Virginia law applicable to any such credit contract unless otherwise expressly agreed in writing by the parties.
FULL TEXT
- 01/20/97 Senate: Presented & ordered printed 978035743 pdf
- 01/29/97 Senate: Printed as engrossed 978035743-E pdf
- 02/17/97 Senate: Bill text as passed Senate and House (SB1032ER) pdf
- 03/14/97 Governor: Acts of Assembly Chapter text (CHAP0112) pdf
AMENDMENTS
HISTORY
- 01/20/97 Senate: Presented & ordered printed 978035743
- 01/20/97 Senate: Referred to Committee on Commerce and Labor
- 01/27/97 Senate: Reported from C. & L. with amendments (15-Y 0-N)
- 01/28/97 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/28/97 Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
- 01/29/97 Senate: Read second time
- 01/29/97 Senate: Reading of amendments waived
- 01/29/97 Senate: Committee amendments agreed to
- 01/29/97 Senate: Engrossed by Senate as amended
- 01/29/97 Senate: Printed as engrossed 978035743-E
- 01/29/97 Senate: Constitutional reading dispensed (40-Y 0-N)
- 01/29/97 Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
- 01/29/97 Senate: Passed Senate (40-Y 0-N)
- 01/29/97 Senate: VOTE: PASSAGE (40-Y 0-N)
- 01/29/97 Senate: Communicated to House
- 01/30/97 House: Placed on Calendar
- 01/31/97 House: Read first time
- 01/31/97 House: Referred to Committee on Corporations, Insurance and Banking
- 02/06/97 House: Reported from C. I. B. w/amds. (22-Y 0-N)
- 02/07/97 House: Read second time
- 02/10/97 House: Read third time
- 02/10/97 House: Committee amendments agreed to
- 02/10/97 House: Engrossed by House as amended
- 02/10/97 House: Passed House with amendments (Block Vote) (100-Y 0-N)
- 02/10/97 House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
- 02/12/97 Senate: Reading of amendments waived
- 02/12/97 Senate: House amendments agreed to by Senate (40-Y 0-N)
- 02/12/97 Senate: VOTE: CONCUR HOUSE AMENDMENT (40-Y 0-N)
- 02/17/97 Senate: Bill text as passed Senate and House (SB1032ER)
- 02/22/97 Senate: Enrolled
- 02/22/97 House: Signed by Speaker
- 02/22/97 Senate: Signed by President
- 03/06/97 Governor: Approved by Governor-Chapter 112 (effective 7/1/97)
- 03/14/97 Governor: Acts of Assembly Chapter text (CHAP0112)