Virginia Senate Bill 33 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on November 18 2019 - 25% progression, died in committee
Action: 2020-02-12 - Left in Commerce and Labor
Pending: Senate Commerce and Labor Committee
Text: Latest bill text (Comm Sub) [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 from $15 to $25 the amount of a bad check fee.

Consumer finance companies; loans, licensing.

Sen. Scott Surovell [D]

2020-02-10 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-09 - Senate - Senate: Reported from Commerce and Labor with substitute (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-02-12	Senate	Left in Commerce and Labor
2020-02-11	Senate	Recommitted to Commerce and Labor
2020-02-11	Senate	Motion to recommit to committee agreed to
2020-02-11	Senate	Passed by temporarily
2020-02-11	Senate	Read second time
2020-02-10	Senate	Constitutional reading dispensed (39-Y 0-N)
2020-02-09	Senate	Committee substitute printed 20104525D-S1
2020-02-09	Senate	Reported from Commerce and Labor with substitute (9-Y 6-N)
2019-11-18	Senate	Referred to Committee on Commerce and Labor
2019-11-18	Senate	Prefiled and ordered printed; offered 01/08/20 20101103D

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?201+sum+SB33
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB33+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB33S1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0135+SB0033
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0459SB0033+SB0033