Virginia Senate Bill 421 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Moderate Partisan Bill (Democrat 10-2)
Status: Passed on April 22 2020 - 100% progression
Action: 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1258)
Text: Latest bill text (Chaptered) [HTML]

Consumer lending. Replaces references to payday loans with the term "short-term loans." The measure caps the interest and fees that may be charged under a short-term loan at an annual rate of 36 percent, plus a maintenance fee; increases the maximum amount of such loans from $500 to $2,500; and sets the duration of such loans at a minimum of four months, subject to exceptions, and a maximum of 24 months. Short-term loan licensees are required to make a reasonable attempt to verify a borrower's income and may not collect fees and charges that exceed 50 percent of the original loan amount if such amount is equal to or less than $1,500 and 60 percent of the original loan amount if such amount is greater than $1,500. The measure amends the requirements for motor vehicle title loans, including requiring licensed lenders to use a database to determine a prospective borrower's eligibility for a loan and prohibiting loans to a borrower who has an outstanding short-term loan. The measure sets a 36-percent annual interest rate cap on open-end credit plans and allows a $50 annual participation fee. A violation of these provisions is made a prohibited practice under the Virginia Consumer Protection Act. The measure amends provisions of the Consumer Finance Act to, among other things, allow licensed lenders to use the services of access partners and establish requirements that loans be between $300 and $35,000; be repayable in substantially equal installment payments; have a term of no fewer than six and no more than 120 months; charge not more than 36 percent annual interest and a loan processing fee; and require licensees to post a bond. The measure prohibits credit service businesses from advertising, offering, or performing other services in connection with an extension of credit that has an annual interest rate exceeding 36 percent, is for less than $5,000, has a term of less than one year, or is provided under an open-end credit plan. The bill has a delayed effective date of January 1, 2021, and requires any person who would be required to be licensed under the provisions of the act to apply for a license by October 1, 2020.

Consumer lending; replaces references to payday loans with term "short-term loans."

Sen. Mamie Locke [D]	Sen. Barbara Favola [D]	Sen. Jennifer McClellan [D]	Sen. Jill Vogel [R]
Sen. Scott Surovell [D]	Sen. John Bell [D]	Sen. John Cosgrove [R]	Sen. Louise Lucas [D]
Sen. Jeremy McPike [D]	Sen. Joseph Morrissey [D]	Sen. Lionell Spruill [D]	Sen. Jennifer Boysko [D]

2020-05-01 - House - House: VOTE: (52-Y 33-N) (Y: 52 N: 33 NV: 15 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Senate concurred in Governor's recommendation (22-Y 18-N) (Y: 22 N: 18 NV: 0 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Reconsideration of Governor's recommendation agreed to (37-Y 0-N) (Y: 37 N: 0 NV: 3 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Senate rejected Governor's recommendation (19-Y 21-N) (Y: 19 N: 21 NV: 0 Abs: 0) [FAIL]
2020-04-22 - Senate - Senate: Reconsideration of Governor's recommendation agreed to (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Senate concurred in Governor's recommendation (21-Y 18-N) (Y: 21 N: 18 NV: 1 Abs: 0) [PASS]
2020-02-21 - House - House: VOTE: Passage (61-Y 36-N) (Y: 61 N: 36 NV: 3 Abs: 0) [PASS]
2020-02-18 - House - House: Reported from Labor and Commerce (13-Y 8-N) (Y: 13 N: 8 NV: 1 Abs: 0) [PASS]
2020-02-10 - Senate - Senate: Passed Senate (23-Y 16-N) (Y: 23 N: 16 NV: 1 Abs: 0) [PASS]
2020-02-10 - Senate - Senate: Constitutional reading dispensed (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-10 - Senate - Senate: Amendment by Senator Norment rejected (18-Y 21-N) (Y: 18 N: 21 NV: 1 Abs: 0) [FAIL]
2020-02-10 - Senate - Senate: Engrossment reconsidered by Senate (39-Y 0-N) (Y: 39 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-05 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-04 - Senate - Senate: Reported from Finance and Appropriations with amendments (11-Y 5-N) (Y: 11 N: 5 NV: 0 Abs: 0) [PASS]
2020-01-27 - Senate - Senate: Reported from Commerce and Labor with substitute (11-Y 4-N) (Y: 11 N: 4 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-04-22		Governor: Acts of Assembly Chapter text (CHAP1258)
2020-04-22	House	Enacted, Chapter 1258 (effective - see bill)
2020-04-22	House	Signed by Speaker as reenrolled
2020-04-22	Senate	Signed by President as reenrolled
2020-04-22	Senate	Reenrolled bill text (SB421ER2)
2020-04-22	Senate	Reenrolled
2020-04-22		Governor: Governor's recommendation adopted
2020-04-22	House	VOTE: (52-Y 33-N)
2020-04-22	House	House concurred in Governor's recommendation (52-Y 33-N)
2020-04-22	Senate	Senate concurred in Governor's recommendation (22-Y 18-N)
2020-04-22	Senate	Reconsideration of Governor's recommendation agreed to (37-Y 0-N)
2020-04-22	Senate	Senate rejected Governor's recommendation (19-Y 21-N)
2020-04-22	Senate	Reconsideration of Governor's recommendation agreed to (40-Y 0-N)
2020-04-22	Senate	Senate concurred in Governor's recommendation (21-Y 18-N)
2020-04-11	Senate	Governor's recommendation received by Senate
2020-03-12		Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-03-12	Senate	Enrolled Bill Communicated to Governor on March 12, 2020
2020-03-07	Senate	Bill text as passed Senate and House (SB421ER)
2020-03-07	Senate	Enrolled
2020-02-21	House	VOTE: Passage (61-Y 36-N)
2020-02-21	House	Passed House (61-Y 36-N)
2020-02-21	House	Read third time
2020-02-21	House	Motion to reconsider pass by for the day agreed to
2020-02-21	House	Passed by for the day
2020-02-20	House	Read second time
2020-02-18	House	Reported from Labor and Commerce (13-Y 8-N)
2020-02-13	House	Referred to Committee on Labor and Commerce
2020-02-13	House	Read first time
2020-02-13	House	Placed on Calendar
2020-02-10	Senate	Passed Senate (23-Y 16-N)
2020-02-10	Senate	Constitutional reading dispensed (39-Y 0-N)
2020-02-10	Senate	Reengrossed by Senate as amended SB421ES1
2020-02-10	Senate	Amendment by Senator Norment rejected (18-Y 21-N)
2020-02-10	Senate	Reading of amendment waived
2020-02-10	Senate	Engrossment reconsidered by Senate (39-Y 0-N)
2020-02-07	Senate	Passed by for the day
2020-02-06	Senate	Printed as engrossed 20106645D-ES1
2020-02-06	Senate	Engrossed by Senate - committee substitute with amendments SB421ES1
2020-02-06	Senate	Committee amendments agreed to
2020-02-06	Senate	Reading of amendments waived
2020-02-06	Senate	Committee substitute agreed to 20106645D-S1
2020-02-06	Senate	Reading of substitute waived
2020-02-06	Senate	Read second time
2020-02-05	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-02-04	Senate	Reported from Finance and Appropriations with amendments (11-Y 5-N)
2020-01-27	Senate	Rereferred to Finance and Appropriations
2020-01-27	Senate	Committee substitute printed 20106645D-S1
2020-01-27	Senate	Incorporates SB38 (Surovell)
2020-01-27	Senate	Incorporates SB37 (Surovell)
2020-01-27	Senate	Reported from Commerce and Labor with substitute (11-Y 4-N)
2020-01-07	Senate	Referred to Committee on Commerce and Labor
2020-01-07	Senate	Prefiled and ordered printed; offered 01/08/20 20104657D

HB789 (Same As) 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1215)

Chapter	Article	Section	Citation Type	Statute Text
59	1	200	(n/a)	See Bill Text
59	1	335.5	(n/a)	See Bill Text
6	2	1500	(n/a)	See Bill Text
6	2	1501	(n/a)	See Bill 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
6	2	1523.1	(n/a)	See Bill Text
6	2	1523.2	(n/a)	See Bill Text
6	2	1532.3	(n/a)	See Bill Text
6	2	1800	(n/a)	See Bill Text
6	2	1801	(n/a)	See Bill Text
6	2	1803	(n/a)	See Bill Text
6	2	1804	(n/a)	See Bill Text
6	2	1807	(n/a)	See Bill Text
6	2	1809	(n/a)	See Bill Text
6	2	1810	(n/a)	See Bill Text
6	2	1811	(n/a)	See Bill Text
6	2	1816	(n/a)	See Bill Text
6	2	1816.1	(n/a)	See Bill Text
6	2	1817	(n/a)	See Bill Text
6	2	1817.1	(n/a)	See Bill Text
6	2	1818	(n/a)	See Bill Text
6	2	1818.1	(n/a)	See Bill Text
6	2	1818.4	(n/a)	See Bill Text
6	2	1819	(n/a)	See Bill Text
6	2	1820	(n/a)	See Bill Text
6	2	1827	(n/a)	See Bill Text
6	2	1828	(n/a)	See Bill Text
6	2	2200	(n/a)	See Bill Text
6	2	2201	(n/a)	See Bill Text
6	2	2203	(n/a)	See Bill Text
6	2	2204	(n/a)	See Bill Text
6	2	2207	(n/a)	See Bill Text
6	2	2209.1	(n/a)	See Bill Text
6	2	2210	(n/a)	See Bill Text
6	2	2215	(n/a)	See Bill Text
6	2	2215.1	(n/a)	See Bill Text
6	2	2216	(n/a)	See Bill Text
6	2	2216.1	(n/a)	See Bill Text
6	2	2216.5	(n/a)	See Bill Text
6	2	2217	(n/a)	See Bill Text
6	2	2218.1	(n/a)	See Bill Text
6	2	2224	(n/a)	See Bill Text
6	2	2225	(n/a)	See Bill Text
6	2	2226	(n/a)	See Bill Text
6	2	303	(n/a)	See Bill Text
6	2	312	(n/a)	See Bill Text
6	2	435	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB421
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB421+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB421S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB421ES1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB421ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB421ER2+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1258+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0042+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0155+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0357SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0420SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0421SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0422SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0423SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0265+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1148+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1975SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1997SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1998SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV2004SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV2005SB0421+SB0421
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV2253+SB0421