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2017 SESSION
SB 1126 Consumer finance companies; Internet loans, report.
Introduced by: Scott A. Surovell | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Consumer finance companies; Internet loans. Provides that the laws regulating consumer finance companies apply to persons making loans to individuals for personal, family, household, or other nonbusiness purposes over the Internet to Virginia residents or any individuals in Virginia, whether or not the person making the loans maintains a physical presence in the Commonwealth. The measure has a reenactment clause and directs the Bureau of Financial Institutions to conduct an analysis of the legal, administrative, and other relevant issues relating to the feasibility of regulating Internet lending activities by consumer finance companies.
SUMMARY AS INTRODUCED:
Consumer finance companies; Internet loans. Provides that the laws regulating consumer finance companies apply to persons making loans to individuals for personal, family, household, or other nonbusiness purposes over the Internet to Virginia residents or any individuals in Virginia, whether or not the person making the loans maintains a physical presence in the Commonwealth.