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Developed and maintained by the Division of Legislative Automated Systems.
2022 SESSION
HB 1027 Financial institutions; sales-based financing providers.
Introduced by: Kathy K.L. Tran | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Financial institutions; sales-based financing providers. Requires a provider or broker of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in Commonwealth and any forum for any face-to-face arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. The bill prohibits a sales-based financing contract from containing a confession by judgment or any similar provision. The bill requires the Commission to adopt regulations to implement the provisions of the bill. The bill authorizes the Attorney General to seek to enjoin violations of the bill's provisions and to seek damages and other relief as allowed by law. The provisions of the bill apply to sales-based financing contracts or agreements entered into on or after July 1, 2022.
FULL TEXT
- 01/12/22 House: Prefiled and ordered printed; offered 01/12/22 22104226D pdf | impact statement
- 02/08/22 House: Committee substitute printed 22106315D-H1 pdf
- 02/11/22 House: Printed as engrossed 22106315D-EH1 pdf | impact statement
- 03/10/22 House: Bill text as passed House and Senate (HB1027ER) pdf | impact statement
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0516) pdf
AMENDMENTS
- House subcommittee amendments and substitutes offered
- House subcommittee amendments and substitutes adopted
- House committee, floor amendments and substitutes offered
- Senate committee, floor amendments and substitutes offered
- House amendments adopted
- Senate amendments
- Senate amendments engrossed
HISTORY
- 01/12/22 House: Prefiled and ordered printed; offered 01/12/22 22104226D
- 01/12/22 House: Referred to Committee on Commerce and Energy
- 01/25/22 House: Assigned sub: Subcommittee #2
- 01/27/22 House: Subcommittee recommends reporting with substitute (10-Y 0-N)
- 02/03/22 House: Subcommittee recommends reporting with substitute (9-Y 1-N)
- 02/08/22 House: Reported from Commerce and Energy with substitute (22-Y 0-N)
- 02/08/22 House: Committee substitute printed 22106315D-H1
- 02/10/22 House: Read first time
- 02/11/22 House: Read second time
- 02/11/22 House: Committee substitute agreed to 22106315D-H1
- 02/11/22 House: Amendment by Delegate Tran agreed to
- 02/11/22 House: Engrossed by House - committee substitute with amendment HB1027EH1
- 02/11/22 House: Printed as engrossed 22106315D-EH1
- 02/14/22 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/14/22 House: VOTE: Block Vote Passage (99-Y 0-N)
- 02/16/22 Senate: Constitutional reading dispensed
- 02/16/22 Senate: Referred to Committee on Commerce and Labor
- 02/28/22 Senate: Reported from Commerce and Labor with amendments (15-Y 0-N)
- 03/02/22 Senate: Constitutional reading dispensed (40-Y 0-N)
- 03/03/22 Senate: Read third time
- 03/03/22 Senate: Reading of amendments waived
- 03/03/22 Senate: Committee amendments agreed to
- 03/03/22 Senate: Engrossed by Senate as amended
- 03/03/22 Senate: Passed Senate with amendments (39-Y 0-N)
- 03/07/22 House: Senate amendments agreed to by House (95-Y 0-N)
- 03/07/22 House: VOTE: Adoption (95-Y 0-N)
- 03/10/22 House: Enrolled
- 03/10/22 House: Bill text as passed House and Senate (HB1027ER)
- 03/10/22 House: Signed by Speaker
- 03/10/22 Senate: Signed by President
- 03/22/22 House: Enrolled Bill communicated to Governor on March 22, 2022
- 03/22/22 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022
- 04/11/22 Governor: Approved by Governor-Chapter 516 (effective 7/1/22)
- 04/11/22 Governor: Acts of Assembly Chapter text (CHAP0516)