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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.