VA HB1553 | 2020 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 7 2020 - 100% progression
Action: 2020-04-07 - Governor: Acts of Assembly Chapter text (CHAP0785)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 7 2020 - 100% progression
Action: 2020-04-07 - Governor: Acts of Assembly Chapter text (CHAP0785)
Text: Latest bill text (Chaptered) [HTML]
Summary
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.
Title
Debt settlement services providers; licensure and regulation by State Corporation Commission.
Sponsors
Roll Calls
2020-02-26 - Senate - Senate: Passed Senate with amendments (31-Y 9-N) (Y: 31 N: 9 NV: 0 Abs: 0) [PASS]
2020-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2020-02-26 - House - House: VOTE: Adoption (71-Y 23-N) (Y: 71 N: 23 NV: 6 Abs: 0) [PASS]
2020-02-25 - Senate - Senate: Reported from Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-17 - Senate - Senate: Reported from Commerce and Labor with amendments (13-Y 2-N) (Y: 13 N: 2 NV: 0 Abs: 0) [PASS]
2020-02-10 - House - House: VOTE: Passage (86-Y 12-N) (Y: 86 N: 12 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-04 - House - House: Subcommittee recommends reporting with amendment (6-Y 1-N) (Y: 6 N: 1 NV: 2 Abs: 0) [PASS]
2020-01-23 - House - House: Reported from Labor and Commerce with amendments (18-Y 1-N) (Y: 18 N: 1 NV: 3 Abs: 0) [PASS]
2020-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2020-02-26 - House - House: VOTE: Adoption (71-Y 23-N) (Y: 71 N: 23 NV: 6 Abs: 0) [PASS]
2020-02-25 - Senate - Senate: Reported from Finance and Appropriations (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-17 - Senate - Senate: Reported from Commerce and Labor with amendments (13-Y 2-N) (Y: 13 N: 2 NV: 0 Abs: 0) [PASS]
2020-02-10 - House - House: VOTE: Passage (86-Y 12-N) (Y: 86 N: 12 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-05 - House - House: Reported from Appropriations with amendment (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]
2020-02-04 - House - House: Subcommittee recommends reporting with amendment (6-Y 1-N) (Y: 6 N: 1 NV: 2 Abs: 0) [PASS]
2020-01-23 - House - House: Reported from Labor and Commerce with amendments (18-Y 1-N) (Y: 18 N: 1 NV: 3 Abs: 0) [PASS]
History
Date | Chamber | Action |
---|---|---|
2020-04-07 | Governor: Acts of Assembly Chapter text (CHAP0785) | |
2020-04-07 | Governor: Approved by Governor-Chapter 785 (effective 7/1/21-see bill) | |
2020-03-12 | Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020 | |
2020-03-12 | House | Enrolled Bill communicated to Governor on March 12, 2020 |
2020-03-04 | Senate | Signed by President |
2020-03-03 | House | Signed by Speaker |
2020-03-03 | House | Bill text as passed House and Senate (HB1553ER) |
2020-03-03 | House | Enrolled |
2020-02-26 | House | Senate amendments agreed to by House (71-Y 23-N) |
2020-02-26 | Senate | Passed Senate with amendments (31-Y 9-N) |
2020-02-26 | Senate | Engrossed by Senate as amended |
2020-02-26 | Senate | Committee amendments agreed to |
2020-02-26 | Senate | Reading of amendments waived |
2020-02-26 | Senate | Read third time |
2020-02-26 | Senate | Constitutional reading dispensed (38-Y 0-N) |
2020-02-26 | House | VOTE: Adoption (71-Y 23-N) |
2020-02-25 | Senate | Reported from Finance and Appropriations (15-Y 0-N) |
2020-02-17 | Senate | Rereferred to Finance and Appropriations |
2020-02-17 | Senate | Reported from Commerce and Labor with amendments (13-Y 2-N) |
2020-02-11 | Senate | Referred to Committee on Commerce and Labor |
2020-02-11 | Senate | Constitutional reading dispensed |
2020-02-10 | House | VOTE: Passage (86-Y 12-N) |
2020-02-10 | House | Read third time and passed House (86-Y 12-N) |
2020-02-07 | House | Printed as engrossed 20105424D-E |
2020-02-07 | House | Engrossed by House as amended HB1553E |
2020-02-07 | House | Committee on Appropriations amendment agreed to |
2020-02-07 | House | Committee on Labor and Commerce amendments agreed to |
2020-02-07 | House | Read second time |
2020-02-06 | House | Read first time |
2020-02-05 | House | Reported from Appropriations with amendment (17-Y 3-N) |
2020-02-04 | House | Subcommittee recommends reporting with amendment (6-Y 1-N) |
2020-01-24 | House | Assigned App. sub: Compensation & General Government |
2020-01-23 | House | Referred to Committee on Appropriations |
2020-01-23 | House | Reported from Labor and Commerce with amendments (18-Y 1-N) |
2020-01-11 | House | Referred to Committee on Labor and Commerce |
2020-01-11 | House | Presented and ordered printed 20105424D |
Code Citations
Chapter | Article | Section | Citation Type | Statute Text |
---|---|---|---|---|
59 | 1 | 200 | (n/a) | See Bill Text |
6 | 2 | 2026 | (n/a) | See Bill Text |
6 | 2 | 2050 | (n/a) | See Bill Text |