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)].

Full Bill Text