Virginia 2020 Regular Session Status: In Committee

HB 1296 — Motor vehicle title loans, payday loans, consumer finance loans, etc.; interest rate.

Last action — Incorporated by Labor and Commerce (HB789-Bagby)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Motor vehicle title loans, payday loans, consumerfinance loans, and open-end credit plans; interest rate. Capsthe rate of interest that may be charged on motor vehicle title loans,payday loans, and open-end credit plans at an annual rate that is25 percent higher than the federal funds rate in effect on the datethe loan was made. The bill prohibits a lender from charging a membershipfee, participation fee, or transaction fee in connection with anysuch extension of credit. The bill also imposes the same maximuminterest rate on loans made by a licensed consumer finance companyand eliminates the existing provision that permits such licensed companies to charge any agreed-upon amount of interest on consumerfinance loans over $2,500. The measure caps the allowable amountof repossession and sales fees in connection with a motor vehicletitle loan; imposes restrictions on open-end lending; and preventspayday lenders and other lenders from using a credit services businesslicense to extend credit that is for less than $5,000, has a termof less than one year, is provided under an open-end credit plan,or has an interest rate that exceeds 36 percent per year. A violationof the open-end lending provisions is made a prohibited practiceunder the Virginia Consumer Protection Act.

Bill Text

  • Impact statement from DPB (HB1296) View text Current html January 08, 2020

Action History

  1. Incorporated by Labor and Commerce (HB789-Bagby)

  2. Impact statement from DPB (HB1296)

  3. Referred to Committee on Labor and Commerce

  4. Prefiled and ordered printed; offered 01/08/20 20104998D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Votes

Subjects

finance labor
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Frequently asked questions

What does HB 1296 do?
Motor vehicle title loans, payday loans, consumerfinance loans, and open-end credit plans; interest rate. Capsthe rate of interest that may be charged on motor vehicle title loans,payday loans, and open-end credit plans at an annual rate that is25 percent higher than the federal funds rate in effect on the datethe loan was made. The bill prohibits a lender from charging a membershipfee, participation fee, or transaction fee in connection with anysuch extension of credit. The bill also imposes the same maximuminterest rate on loans made by a licensed consumer finance companyand eliminates the existing provision that permits such licensed companies to charge any agreed-upon amount of interest on consumerfinance loans over $2,500. The measure caps the allowable amountof repossession and sales fees in connection with a motor vehicletitle loan; imposes restrictions on open-end lending; and preventspayday lenders and other lenders from using a credit services businesslicense to extend credit that is for less than $5,000, has a termof less than one year, is provided under an open-end credit plan,or has an interest rate that exceeds 36 percent per year. A violationof the open-end lending provisions is made a prohibited practiceunder the Virginia Consumer Protection Act.
Who sponsors HB 1296?
HB 1296 is sponsored by Dan I. Helmer.
What is the current status of HB 1296?
This bill died with 2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 1296?
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