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2014 SESSION

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Senate Committee on Commerce and Labor

Chairman: Richard L. Saslaw

Clerk: Maribeth Turner
Staff: Frank Munyan
Date of Meeting: February 10, 2014
Time and Place: Monday, 1/2 hour after adjournment, Senate Room B

S.B. 157 Payday loans; permitted interest.

Patron: Miller

Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.

S.B. 164 Payday loans; permitted interest.

Patron: Locke

Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.

S.B. 590 Minimum wage; increases wage from its current federally mandated level.

Patron: Marsden

Minimum wage. Increases the minimum wage from its current federally mandated level of $7.25 per hour to $8.25 per hour effective July 1, 2014, and to $9.25 per hour effective July 1, 2015, unless a higher minimum wage is required by the federal Fair Labor Standards Act.

S.B. 643 Electric utilities; costs of offshore wind facilities.

Patron: McEachin

Electric utilities; costs of offshore wind facilities. Requires a utility planning or developing a generating facility utilizing energy derived from offshore wind to cease deferral of at least 70 percent of any previously deferred or capitalized costs associated with such facility that the utility incurred between July 1, 2007, and December 31, 2013. This portion of the costs shall be (i) eligible for recovery only through the utility's base rates as a current period expense and (ii) deemed to have been reasonably and prudently incurred. The measure authorizes the State Corporation Commission to permit the utility to restore to common equity of the utility's capital structure any amounts charged to period expense resulting from this provision.