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Key Votes

SB 1014 - Payday Lending Restrictions - Key Vote

Virginia Key Votes

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Stage Details

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

Title: Payday Lending Restrictions

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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