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HB1483

Virginia Consumer Protection Act; open-end credit plans.

Status:
Killed

Chief Patron:
Sam Rasoul (D)

Session:
2018 Regular Session

Summary

As Introduced. Open-end credit plans.

Prohibits a person licensed as a motor vehicle title lender from extending credit under an open-end credit plan. The measure prohibits any person from extending credit under an open-end credit plan without first obtaining a license to do so from the State Corporation Commission. The measure also prohibits such a lender from (i) obtaining or accepting from a borrower an authorization to electronically debit the borrower's deposit account; (ii) failing to comply with certain restrictions and prohibitions applicable to debt collectors contained in the federal Fair Debt Collection Practices Act; (iii) making a loan to a borrower if the loan or extension would cause the borrower to have more than one loan under an open-end credit plan outstanding at the same time; and (iv) filing a legal proceeding against a borrower until 60 days after the date of default on an open-end credit plan, during which period the person and the borrower may voluntarily enter into a repayment arrangement. The measure makes these requirements applicable to any person that makes such an extension of credit over the Internet to Virginia residents or any individuals in Virginia. The measure makes it a prohibited practice under the Virginia Consumer Protection Act to violate the requirements applicable to extending credit under an open-end credit plan. (Less)

  • Bill History

  • 01/18/2018 - House: Presented and ordered printed 18104833D
  • 01/18/2018 - House: Referred to Committee on Commerce and Labor
  • 01/24/2018 - House: Impact statement from SCC (HB1483)
  • 01/30/2018 - House: Assigned C & L sub: Subcommittee #3
  • 02/06/2018 - House: Subcommittee recommends striking from docket (7-Y 0-N)
  • 02/13/2018 - House: Left in Commerce and Labor

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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