Virginia House Bill 250 (Prior Session Legislation)

---

Spectrum: Bipartisan Bill
Status: Introduced on December 30 2015 - 25% progression, died in committee
Action: 2016-02-16 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Consumer loans; interest rate limits and lending practices. Caps the rate of interest that may be charged on motor vehicle title loans, consumer finance company loans, payday loans, and open-end credit plans at 36 percent per year. The measure prohibits a lender from charging a membership fee, participation fee, or transaction fee in connection with any such extension of credit. The measure also prohibits a person making such a loan from (i) conditioning the making of the loan on the consumer's use of preauthorized transfers; (ii) making such a loan pursuant to an agreement under which the consumer permits the lender to access the consumer's account through preauthorized transfers; (iii) using an electronic check conversion transaction as a method of receiving a payment or collecting any amount due in connection with a loan; (iv) making such a loan with terms and conditions that, if the consumer was a covered member of the armed forces or a dependent of such a member, would violate the Military Lending Act; or (v) restricting the authority of the consumer to disclose to any person the provisions of any loan agreement.

Consumer loans; interest rate limits and lending practices.

Del. Randall Minchew [R]

Del. David Yancey [R]

Del. Joesph Lindsey [D]

Del. Marcus Simon [D]

2016-02-04 - House - House: Subcommittee recommends laying on the table (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2016-02-16	House	Left in Commerce and Labor
2016-02-04	House	Subcommittee recommends laying on the table (7-Y 0-N)
2016-01-26	House	Assigned C & L sub: Special Sub-Consumer Lending
2015-12-30	House	Referred to Committee on Commerce and Labor
2015-12-30	House	Prefiled and ordered printed; offered 01/13/16 16102782D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1520	(n/a)	See Bill Text
6	2	1816	(n/a)	See Bill Text
6	2	1817	(n/a)	See Bill Text
6	2	1818	(n/a)	See Bill Text
6	2	2216	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text
6	2	438	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?161+sum+HB250
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?161+ful+HB250+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?161+vot+H1405V0003+HB0250