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Key Votes

SB 1014 - Payday Lending Restrictions - Key Vote

Virginia Key Votes

Ken Cuccinelli II voted Yea (Passage) on this Legislation.

Read statements Ken Cuccinelli II made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Bill Sent To Committee (House) -
Legislation - Bill Passed (Senate) (35-2) - (Key vote)

Title: Payday Lending Restrictions

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass bill restricting payday lending.

Highlights:
- Prohibits lenders from extending new loans to borrowers with 3 outstanding loans or in extended payment plans [sec. 1 (6.1-459 [A.6, 26d])]. - Creates a Internet database to make this information accessible to payday lenders [sec. 1 (6.1-453 [B])]. - Disallows payday loans to members of the military or their spouses [sec. 1 (6.1-459 [A.21])]. - Creates a process for extended payment plans if a borrower defaults on their loan [sec 1 (6.1-459 [A.26])]. - Makes it illegal for payday lenders to “engage in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan” [sec. 1 (6.1-459 [A.23])]. - Applies to any lender making loans to Virginia residents, including over the Internet, regardless of the lender's physical location [sec. 1 (6.1-459 [B])].
Legislation - Introduced (Senate) -

Title: Payday Lending Restrictions

Sponsors

Co-sponsors

  • William Roscoe Reynolds (VA - D) (Out Of Office)
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