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Key Votes

SB 588 - Payday Lending Restrictions - Key Vote

Virginia Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Payday Lending Restrictions

Signed by Governor Tim Kaine
Legislation - Concurrence Vote Passed (Senate) (34-2) -
Legislation - Bill Passed With Amendment (House) (91-9) - (Key vote)

Title: Payday Lending Restrictions

Vote Smart's Synopsis:

Vote to pass a bill that limits the terms of payday loans. Limits the allowable interest rate, fees, and the number of loans made to an individual borrower.

Highlights:
- Caps annual interest rates on payday loans at 36 percent (sec. 1). - Prohibits lending to a borrower the same day as the borrower pays a prior payday loan in full, within 90 days of a borrower paying a previous payday loan in full using an extended payment plan, within 120 days of a borrower entering into an extended payment plan, or within 45 days of of a borrower's 5th loan in a 180 day period (sec. 1). - Limits payday loan fees to 20 percent of the total payday loan and verification fees to $5.00 (sec 1). - Increases the period of time in which a borrower can pay off a loan from one week to at least two times the borrower's pay cycle (sec. 1). Allows borrowers to enter into an extended payment plan to pay off a loan in equal installments over 60 days or more without accruing interest (sec. 1). - Prohibits lenders from filing legal proceedings against a borrower unless 60 days have passed since the borrower defaulted on a payday loan (sec. 1). - Prohibits lenders from making a loan to a member of the armed services, their spouse, or any dependents (sec. 1). - Applies to any lender making loans to Virginia residents over the Internet regardless of the lender's physical location (sec. 1). - Requires that the State Corporation Commission implement an Internet database no later than January 1, 2009 that contains a record of all payday loans made in the state and requires lenders to refer to the database prior to making a payday loan (sec. 1). - Substitute offered by House Committee on Commerce and Labor.
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 - Bill Passed (Senate) (37-2) -
Legislation - Introduced (Senate) -

Title: Payday Lending Restrictions

Sponsors

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