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Key Votes

Sub SB 1014 - Payday Lending Restrictions - Key Vote

Virginia Key Votes

Robert Hurt voted Yea (Passage) on this Legislation.

Read statements Robert Hurt made in this general time period.

Stages

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Issues

Stage Details

Legislation - Bill Failed (Senate) (0-39) -
Legislation - Bill Passed (House) (72-27) - (Key vote)

Title: Payday Lending Restrictions

Vote Smart's Synopsis:

Vote to pass a bill restricting payday lenders.

Highlights:
- Prohibits lenders from extending new loans to borrowers with 3 outstanding loans [sec. 1 (6.1-459)(A)(6)]. - Prohibits lenders from extending new loans to borrowers in extended payment plans [sec. 1 (6.1-459)(A)(26d)]. - Creates an Internet database to make this information accessible to lenders [sec. 1 (6.1-453)(B)]. - Disallows payday loans to members of the military, their spouses, or their dependents [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” when conducting their business [sec. 1 (6.1-459)(A)(23)]. - Requires lenders to notify customers of their right to an extended payment plan and the rates of competing lenders [sec. 1 (6.1-459)(A)(1) and (A)(29)]. - 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)].
Note:

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Legislation - Introduced (House) -

Title: Payday Lending Restrictions

Committee Sponsors

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