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2020 SESSION
House Bills on Second Reading
Regular Calendar
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H.B. 1553.
A BILL to amend and reenact § 59.1-200 of the Code of Virginia
and to amend the Code of Virginia by adding in Title 6.2 a chapter numbered
20.1, consisting of sections numbered 6.2-2026 through 6.2-2050, relating to
debt settlement services providers; civil and criminal penalties. 20105424D
Patrons--Willett and Rasoul
Reported from Committee on Labor and Commerce with amendments (18-Y 1-N)
YEAS--Ward, Sullivan, Kory, Keam, Lopez, Bagby, Mullin, Bourne, Guzman, Ayala, Gooditis, Kilgore, Byron, Ware, Marshall, Webert, Ransone, O'Quinn--18.
NAYS--Wilt--1.
ABSTENTIONS--0.
NOT VOTING--Lindsey, Heretick, Head--3.
Reported from Committee on Appropriations with amendment (17-Y 3-N)
YEAS--Torian, Sickles, Plum, Tyler, Bulova, McQuinn, Carr, Krizek, Aird, Hayes, Hurst, Reid, Cox, Knight, Morefield, Austin, Brewer--17.
NAYS--Fariss, Rush, Bloxom--3.
ABSTENTIONS--0.
NOT VOTING--Jones, Davis--2.
AMENDMENT(S) PROPOSED BY THE HOUSE
LABOR AND COMMERCE
- 1. Line 47, introduced, after apply to
- strike
- a
- insert
- any bank, savings institution, or credit union or any
LABOR AND COMMERCE
- 2. Line 52, introduced, after if,
- strike
- remainder of the line through services on line 53
- insert
- it offers to provide or provides debt settlement services
solely in connection with offering to provide or providing debt management
plans
APPROPRIATIONS
- 1. Line 300, introduced
- strike
- all of lines 300 through 304
- insert
- A. For providing debt settlement services, a licensee may charge
or receive a fee totaling either (i) no more than 15 percent of the principal amount of the debt enrolled by a consumer into
the licensee's service or (ii) no more than 30 percent
of the difference between the amount owed by a consumer at the time the
licensee settles the debt and the amount to be paid by the consumer to satisfy
the debt.
- B. If more than one debt is the subject of a debt settlement
services agreement, the licensee may only charge or collect that proportion of
the total fee allowable under clause (i) of subsection A that equals the
proportion of the aggregate debt the individual settled debt represents.
- C. A licensee shall not charge or receive any other fee or
compensation from a consumer for providing debt settlement services other than
the fee provided for in this section.