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.
2008 SESSION
HB 12 Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database.
Introduced by: G. Glenn Oder | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Payday Loan Act. Requires the State Corporation Commission, by January 1, 2009, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether the loan is permissible. Licensees are required to pay a database inquiry fee to the database provider. A payday lender is prohibited from making a payday loan to a person if the loan would cause the borrower to have more than one payday loan outstanding at the same time and from making a payday loan on the same day that the person has paid a previous payday loan. Payday lenders are permitted to charge, on any payday loan, interest at an annual rate of 36 percent, a loan fee of not more than 20 percent of the loan proceeds, and a $5 verification fee. Payday lenders are prohibited from knowingly making loans to a member of the military service or to the spouse or dependent of such person. A borrower may enter into an extended payment plan, which allows the borrower to repay the loan in at least four equal installments over a period of not less than 60 days. A borrower may not enter into more than one extended payment plan in any 12-month period. A payday loan may not be made to a borrower in an extended payment plan or within 90 days after payment of an extended payment plan. The measure provides that the fifth payday loan made to a borrower within 180 days shall either be followed by a 45-day lockout period or be made as an extended term loan, under which the loan will be repaid in four equal installments over a 60-day period and be followed by a 90-day lockout period. Other provisions (i) prohibit a lender from engaging in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan; (ii) require a lender, when collecting or attempting to collect a payday loan when the check given as security for such loan is dishonored, to comply with certain restrictions and prohibitions contained in the Fair Debt Collection Practices Act; (iii) provide that any provision of a written loan agreement that violates the Payday Loan Act is unenforceable against the borrower; and (iv) state that the provisions of the Payday Loan Act apply to Internet lenders. The measure, except the authorization to establish the database, will become effective January 1, 2009. SB 588 is identical. This bill also incorporates HB 1404, HB 730, HB 249, and HB 176.
FULL TEXT
- 11/27/07 House: Prefiled and ordered printed; offered 01/09/08 087795668 pdf | impact statement
- 02/06/08 House: Committee substitute printed 080182668-H1 pdf | impact statement
- 03/03/08 Senate: Committee substitute printed 089577668-S1 pdf
- 03/08/08 House: Bill text as passed House and Senate (HB12ER) pdf | impact statement
- 04/23/08 House: Reenrolled bill text (HB12ER2) pdf
- 04/23/08 Governor: Acts of Assembly Chapter text (CHAP0849) pdf
AMENDMENTS
HISTORY
- 11/27/07 House: Prefiled and ordered printed; offered 01/09/08 087795668
- 11/27/07 House: Referred to Committee on Commerce and Labor
- 02/05/08 House: Reported from Commerce and Labor with substitute (19-Y 3-N)
- 02/06/08 House: Committee substitute printed 080182668-H1
- 02/07/08 House: Read first time
- 02/08/08 House: Read second time
- 02/08/08 House: Committee substitute agreed to 080182668-H1
- 02/08/08 House: Engrossed by House - committee substitute HB12H1
- 02/11/08 House: Read third time and passed House (91-Y 7-N)
- 02/11/08 House: VOTE: --- PASSAGE (91-Y 7-N)
- 02/11/08 House: Communicated to Senate
- 02/12/08 Senate: Constitutional reading dispensed
- 02/12/08 Senate: Referred to Committee on Commerce and Labor
- 03/03/08 Senate: Reported from Commerce and Labor with substitute (13-Y 0-N)
- 03/03/08 Senate: Committee substitute printed 089577668-S1
- 03/04/08 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/04/08 Senate: Read third time
- 03/04/08 Senate: Reading of substitute waived
- 03/04/08 Senate: Committee substitute agreed to 089577668-S1
- 03/04/08 Senate: Passed by for the day
- 03/05/08 Senate: Read third time
- 03/05/08 Senate: Passed by for the day
- 03/06/08 Senate: Read third time
- 03/06/08 Senate: Passed by temporarily
- 03/06/08 Senate: Reading of amendments waived
- 03/06/08 Senate: Amendments by Senator Stolle agreed to
- 03/06/08 Senate: Engrossed by Senate - committee substitute with amendments HB12S1
- 03/06/08 Senate: Passed Senate with substitute with amendments (37-Y 2-N 1-A)
- 03/06/08 House: Placed on Calendar
- 03/06/08 House: Senate substitute with amendments agreed to by House 089577668-S1 (77-Y 4-N)
- 03/06/08 House: VOTE: --- ADOPTION (77-Y 4-N)
- 03/08/08 House: Enrolled
- 03/08/08 House: Bill text as passed House and Senate (HB12ER)
- 03/08/08 House: Signed by Speaker
- 03/11/08 Senate: Signed by President
- 04/11/08 House: Governor's recommendation received by House
- 04/22/08 House: Placed on Calendar
- 04/23/08 House: House concurred in Governor's recommendation (86-Y 7-N)
- 04/23/08 House: VOTE: --- ADOPTION (86-Y 7-N)
- 04/23/08 Senate: Senate concurred in Governor's recommendation (38-Y 0-N 1-A)
- 04/23/08 Governor: Governor's recommendation adopted
- 04/23/08 House: Reenrolled
- 04/23/08 House: Reenrolled bill text (HB12ER2)
- 04/23/08 House: Signed by Speaker as reenrolled
- 04/23/08 Senate: Signed by President as reenrolled
- 04/23/08 Governor: Approved by Governor-Chapter 849 (effective - see bill)
- 04/23/08 Governor: Acts of Assembly Chapter text (CHAP0849)