John Chichester voted Yea (Passage) on this Legislation.
Title: Payday Lending Restrictions
Vote to pass bill restricting payday lending.
- 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])].
Title: Payday Lending Restrictions