Virginia Senate Bill 855 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Engrossed on February 11 2020 - 50% progression, died in chamber
Action: 2020-02-11 - Defeated by Senate (12-Y 28-N)
Text: Latest bill text (Comm Sub) [HTML]

Financial institutions; small loans; penalty. Prohibits any person from making a small loan unless such person is licensed by the State Corporation Commission. The bill defines "small loan" as an unsecured loan or credit of $5,000 or less extended to a borrower for a personal, family, household, or other noncommercial purpose pursuant to a small loan agreement. The bill also prohibits any person from engaging in the business of arranging or brokering small loans for any consumer residing in the Commonwealth without registering with the Commission. Under the provisions of the bill, a licensee may charge and collect periodic interest at any rate up to 36 percent agreed to by the parties and may also charge and collect a customary daily fee. The bill provides exemptions for certain institutions and persons licensed by the Commission to provide consumer finance loans or motor vehicle loans.

Financial institutions; small loans, penalty.

Sen. Lynwood Lewis [D]

2020-02-11 - Senate - Senate: Defeated by Senate (12-Y 28-N) (Y: 12 N: 28 NV: 0 Abs: 0) [FAIL]
2020-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-11 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-10 - Senate - Senate: Reported from Finance and Appropriations (10-Y 6-N) (Y: 10 N: 6 NV: 0 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]
2020-01-27 - Senate - Senate: Failed to report (defeated) in Commerce and Labor (7-Y 8-N) (Y: 7 N: 8 NV: 0 Abs: 0) [FAIL]

Date	Chamber	Action
2020-02-11	Senate	Defeated by Senate (12-Y 28-N)
2020-02-11	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-02-11	Senate	Engrossed by Senate - committee substitute SB855S1
2020-02-11	Senate	Committee substitute agreed to 20106455D-S1
2020-02-11	Senate	Reading of substitute waived
2020-02-11	Senate	Read second time
2020-02-11	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-02-10	Senate	Reported from Finance and Appropriations (10-Y 6-N)
2020-02-09	Senate	Rereferred to Finance and Appropriations
2020-02-09	Senate	Committee substitute printed 20106455D-S1
2020-02-09	Senate	Reported from Commerce and Labor with substitute (9-Y 6-N)
2020-02-03	Senate	Reconsidered by Commerce and Labor
2020-01-27	Senate	Failed to report (defeated) in Commerce and Labor (7-Y 8-N)
2020-01-08	Senate	Referred to Committee on Commerce and Labor
2020-01-08	Senate	Prefiled and ordered printed; offered 01/08/20 20104084D

Chapter	Article	Section	Citation Type	Statute Text
6	2	1501	(n/a)	See Bill Text
6	2	2202	(n/a)	See Bill Text
6	2	2228	(n/a)	See Bill Text
6	2	2253	(n/a)	See Bill Text
6	2	303	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB855
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB855+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB855S1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0072+SB0855
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0136+SB0855
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0294+SB0855
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0591SB0855+SB0855
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0599SB0855+SB0855
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0612SB0855+SB0855