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SB625

Consumer finance companies; licensing by SCC.

Status:
Killed

Chief Patron:
Scott Surovell (D)

Session:
2018 Regular Session

Summary

As Passed House of Origin. 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 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. (Less)

  • Bill History

  • 01/10/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18102243D
  • 01/10/2018 - Senate: Referred to Committee on Commerce and Labor
  • 01/17/2018 - Senate: Impact statement from SCC (SB625)
  • 01/29/2018 - Senate: Reported from Commerce and Labor with substitute (12-Y 2-N)
  • 01/29/2018 - Senate: Committee substitute printed 18105185D-S1
  • 01/31/2018 - Senate: Constitutional reading dispensed (39-Y 0-N)
  • 02/01/2018 - Senate: Read second time
  • 02/01/2018 - Senate: Passed by for the day
  • 02/02/2018 - Senate: Passed by for the day
  • 02/02/2018 - Senate: Impact statement from SCC (SB625S1)
  • 02/05/2018 - Senate: Read second time
  • 02/05/2018 - Senate: Reading of substitute waived
  • 02/05/2018 - Senate: Committee substitute agreed to 18105185D-S1
  • 02/05/2018 - Senate: Motion to recommit to committee agreed to (20-Y 19-N)   Close Floor Vote
  • 02/05/2018 - Senate: Recommitted to Commerce and Labor
  • 02/07/2018 - Senate: Reported from Commerce and Labor (12-Y 3-N)
  • 02/09/2018 - Senate: Read second time
  • 02/09/2018 - Senate: Engrossed by Senate - committee substitute SB625S1
  • 02/12/2018 - Senate: Passed by temporarily
  • 02/12/2018 - Senate: Passed by for the day
  • 02/13/2018 - Senate: Passed by temporarily
  • 02/13/2018 - Senate: Read third time and passed Senate (37-Y 2-N)
  • 02/19/2018 - House: Placed on Calendar
  • 02/19/2018 - House: Read first time
  • 02/19/2018 - House: Referred to Committee on Commerce and Labor
  • 02/20/2018 - House: Assigned C & L sub: Subcommittee #3
  • 02/27/2018 - House: Subcommittee recommends continuing to 2019
  • 03/06/2018 - House: Left in Commerce and Labor

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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