Virginia Senate Bill 1548 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 8 2019 - 25% progression, died in chamber
Action: 2019-01-21 - Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A)
Text: Latest bill text (Prefiled) [HTML]

Consumer finance companies. Requires the State Corporation Commission, as a condition of licensing a consumer finance company, to find that the applicant will not make consumer finance loans at the same location at which the applicant makes payday loans or motor vehicle title loans. The measure also (i) sets the minimum and maximum amounts of a consumer finance loan at $500 and $35,000, respectively; (ii) requires that such loans be installment loans with a term that is not less than six months nor more than 120 months; (iii) sets the maximum annual interest rate on such loans at 36 percent; (iv) authorizes late payment fees of $20, provided that they are set forth in a contract; (v) authorizes loan processing fees of the greater of $75 or five percent of the principal amount of the loan but not to exceed $150; and (vi) increases the amount of a bad check fee from $15 to $25.

Consumer finance companies; loans, licensing.

Sen. Scott Surovell [D]

2019-01-21 - Senate - Senate: Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A) (Y: 5 N: 9 NV: 0 Abs: 1) [FAIL]

Date	Chamber	Action
2019-01-21	Senate	Failed to report (defeated) in Commerce and Labor (5-Y 9-N 1-A)
2019-01-08	Senate	Referred to Committee on Commerce and Labor
2019-01-08	Senate	Prefiled and ordered printed; offered 01/09/19 19100338D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1507	(n/a)	See Bill Text
6	2	1520	(n/a)	See Bill Text
6	2	1523	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+SB1548
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1548+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S02V0046+SB1548