Virginia House Bill 1441 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on January 8 2020 - 25% progression, died in committee
Action: 2020-02-11 - Left in Labor and Commerce
Pending: House Labor and Commerce Committee
Text: Latest bill text (Prefiled) [HTML]

Financial institutions; small loans; penalty. Prohibits any person from making a small loan unless such person is licensed by the State Corporation Commission. The bill defines "small loan" as an unsecured loan or credit of $5,000 or less extended to a borrower for a personal, family, household, or other noncommercial purpose pursuant to a small loan agreement. The bill also prohibits any person from engaging in the business of arranging or brokering small loans for any consumer residing in the Commonwealth without registering with the Commission. Under the provisions of the bill, a licensee may charge and collect periodic interest at any rate up to 36 percent agreed to by the parties and may also charge and collect a customary daily fee. The bill provides exemptions for certain institutions and persons licensed by the Commission to provide consumer finance loans or motor vehicle loans.

Financial institutions; small loans prohibited, penalty.

Del. Jerrauld Jones [D]

Del. Hala Ayala [D]

Del. Michael Webert [R]

Date	Chamber	Action
2020-02-11	House	Left in Labor and Commerce
2020-01-08	House	Referred to Committee on Labor and Commerce
2020-01-08	House	Prefiled and ordered printed; offered 01/08/20 20104077D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1501	(n/a)	See Bill Text
6	2	2202	(n/a)	See Bill Text
6	2	2228	(n/a)	See Bill Text
6	2	2253	(n/a)	See Bill Text
6	2	303	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB1441
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB1441+hil