VA SB1266 | 2019 | Regular Session

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 7 2019 - 25% progression, died in chamber
Action: 2019-01-31 - Failed to report (defeated) in Commerce and Labor (5-Y 10-N)
Text: Latest bill text (Prefiled) [HTML]

Summary

Open-end credit plans; penalty. Requires that any person engaged in the business of extending credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent obtain a license to do so from the State Corporation Commission. The measure prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan and prohibits a third party from making open-end credit loans in the office of a licensed motor vehicle title lender. The measure prohibits a person that extends credit under an open-end credit plan under which interest is charged at an annual rate that exceeds 36 percent from (i) obtaining or accepting from a borrower an authorization to electronically debit the borrower's deposit account; (ii) failing to comply with certain restrictions and prohibitions applicable to debt collectors contained in the federal Fair Debt Collection Practices Act; (iii) filing a legal proceeding against a borrower until 60 days after the date of default on an open-end credit plan, during which period the person and the borrower may voluntarily enter into a repayment arrangement; or (iv) causing a person to be obligated to the licensee for a principal amount that exceeds $500. The measure also makes it a prohibited practice under the Virginia Consumer Protection Act to violate the requirements applicable to extending credit under an open-end credit plan.

Tracking Information

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Title

Open-end credit plans; penalty.

Sponsors


Roll Calls

2019-01-31 - Senate - Senate: Failed to report (defeated) in Commerce and Labor (5-Y 10-N) (Y: 5 N: 10 NV: 0 Abs: 0) [FAIL]

History

DateChamberAction
2019-01-31SenateFailed to report (defeated) in Commerce and Labor (5-Y 10-N)
2019-01-31SenateCommittee amendments
2019-01-07SenateReferred to Committee on Commerce and Labor
2019-01-07SenatePrefiled and ordered printed; offered 01/09/19 19101155D

Code Citations

ChapterArticleSectionCitation TypeStatute Text
591200(n/a)See Bill Text
62312(n/a)See Bill Text

Virginia State Sources


Bill Comments

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