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.
2020 SESSION
HB 1553 Debt settlement services providers; licensure and regulation by State Corporation Commission.
Introduced by: Rodney T. Willett | all patrons ... notes | add to my profiles
SUMMARY AS PASSED HOUSE: (all summaries)
Debt settlement services providers; penalties. Provides for the licensure and regulation of debt settlement services providers by the State Corporation Commission. The measure defines "debt settlement services" as any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer. The measure prohibits licensees from accepting a fee from consumers prior to providing the consumers' requested debt settlement services. The requirements imposed by this measure on licensed providers of debt settlement services are similar to those applicable to agencies providing debt management plans. The measure provides for civil penalties against licensees that violate these requirements, grants consumers a private right of action against licensees, and makes a violation a prohibited practice under the Virginia Consumer Protection Act. The licensing and regulation of debt settlement services providers has a delayed effective date of July 1, 2021. The measure directs the State Corporation Commission to establish a procedure to be in effect by March 1, 2021, for any person to apply prior to July 1, 2021, for a license that will become effective when the licensing requirements of this measure become effective on July 1, 2021.
FULL TEXT
- 01/11/20 House: Presented and ordered printed 20105424D pdf | impact statements
- 02/07/20 House: Printed as engrossed 20105424D-E pdf | impact statement
- 03/03/20 House: Bill text as passed House and Senate (HB1553ER) pdf | impact statement
- 04/07/20 Governor: Acts of Assembly Chapter text (CHAP0785) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
- House amendments adopted
- Senate amendments
- Senate amendments engrossed
HISTORY
- 01/11/20 House: Presented and ordered printed 20105424D
- 01/11/20 House: Referred to Committee on Labor and Commerce
- 01/23/20 House: Reported from Labor and Commerce with amendments (18-Y 1-N)
- 01/23/20 House: Referred to Committee on Appropriations
- 01/24/20 House: Assigned App. sub: Compensation & General Government
- 02/04/20 House: Subcommittee recommends reporting with amendment (6-Y 1-N)
- 02/05/20 House: Reported from Appropriations with amendment (17-Y 3-N)
- 02/06/20 House: Read first time
- 02/07/20 House: Read second time
- 02/07/20 House: Committee on Labor and Commerce amendments agreed to
- 02/07/20 House: Committee on Appropriations amendment agreed to
- 02/07/20 House: Engrossed by House as amended HB1553E
- 02/07/20 House: Printed as engrossed 20105424D-E
- 02/10/20 House: Read third time and passed House (86-Y 12-N)
- 02/10/20 House: VOTE: Passage (86-Y 12-N)
- 02/11/20 Senate: Constitutional reading dispensed
- 02/11/20 Senate: Referred to Committee on Commerce and Labor
- 02/17/20 Senate: Reported from Commerce and Labor with amendments (13-Y 2-N)
- 02/17/20 Senate: Rereferred to Finance and Appropriations
- 02/25/20 Senate: Reported from Finance and Appropriations (15-Y 0-N)
- 02/26/20 Senate: Constitutional reading dispensed (38-Y 0-N)
- 02/26/20 Senate: Read third time
- 02/26/20 Senate: Reading of amendments waived
- 02/26/20 Senate: Committee amendments agreed to
- 02/26/20 Senate: Engrossed by Senate as amended
- 02/26/20 Senate: Passed Senate with amendments (31-Y 9-N)
- 02/26/20 House: Senate amendments agreed to by House (71-Y 23-N)
- 02/26/20 House: VOTE: Adoption (71-Y 23-N)
- 03/03/20 House: Enrolled
- 03/03/20 House: Bill text as passed House and Senate (HB1553ER)
- 03/03/20 House: Signed by Speaker
- 03/04/20 Senate: Signed by President
- 03/12/20 House: Enrolled Bill communicated to Governor on March 12, 2020
- 03/12/20 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
- 04/07/20 Governor: Approved by Governor-Chapter 785 (effective 7/1/21-see bill)
- 04/07/20 Governor: Acts of Assembly Chapter text (CHAP0785)