SB 855 — Financial institutions; small loans, penalty.
Last action — Impact statement from SCC (SB855S1)
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House of Delegates
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5To Executive
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6Enacted
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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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
Financial institutions; small loans; penalty. Prohibits any person from making a small loan unless such person is licensed by the State Corporation Commission. The bill defines "small loan" as an unsecured loan or credit of $5,000 or less extended to a borrower for a personal, family, household, or other noncommercial purpose pursuant to a small loan agreement. The bill also prohibits any person from engaging in the business of arranging or brokering small loans for any consumer residing in the Commonwealth without registering with the Commission. Under the provisions of the bill, a licensee may charge and collect periodic interest at any rate up to 36 percent agreed to by the parties and may also charge and collect a customary daily fee. The bill provides exemptions for certain institutions and persons licensed by the Commission to provide consumer finance loans or motor vehicle loans.The bill provides for qualifications for licensure, posting of a bond, financial solvency requirements, reporting requirements, and recordkeeping and retention requirements. The bill authorizes the Commission to investigate and examine applicants and licensees, to revoke or suspend licenses, to issue cease and desist orders, and to impose a civil penalty of up to $10,000 for violations of the small loan provisions. The bill allows the Commission to refer violations to the Attorney General, and the Attorney General may seek injunctive relief and monetary damages.
Bill Text
- Committee Substitute Engrossed by Senate - committee substitute SB855S1 Current html February 09, 2020
- Impact statement from SCC (SB855) View text html January 08, 2020
Action History
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Impact statement from SCC (SB855S1)
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Defeated by Senate (12-Y 28-N)
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Constitutional reading dispensed (40-Y 0-N)
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Engrossed by Senate - committee substitute SB855S1
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Committee substitute agreed to 20106455D-S1
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Reading of substitute waived
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Read second time
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Constitutional reading dispensed (40-Y 0-N)
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Reported from Finance and Appropriations (10-Y 6-N)
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Rereferred to Finance and Appropriations
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Committee substitute printed 20106455D-S1
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Reported from Commerce and Labor with substitute (9-Y 6-N)
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Reconsidered by Commerce and Labor
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Failed to report (defeated) in Commerce and Labor (7-Y 8-N)
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Impact statement from SCC (SB855)
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Referred to Committee on Commerce and Labor
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Prefiled and ordered printed; offered 01/08/20 20104084D
Sponsors
- Lewis, Lynwood W., Jr. · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 147 not signed on · 28 voted No
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (147)
147 members have not signed on to this bill.
Show all 147 →"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.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 12 | 28 | 0 | 0 |
| Total | 12 | 28 | 0 | 0 |
| % of votes cast | 30% | 70% | 0% | 0% |
How each member voted (40)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 10 | 6 | 0 | 0 |
| Total | 10 | 6 | 0 | 0 |
| % of votes cast | 63% | 38% | 0% | 0% |
How each member voted (16)
| Member | Party | Vote |
|---|---|---|
| McClellan, Jennifer L. | — | Nay |
| Barker, George L. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Nay |
| Edwards, John S. | — | Yea |
| Hanger, Emmett W., Jr. | — | Yea |
| Howell, Janet D. | — | Nay |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Nay |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| Petersen, J. Chapman | — | Nay |
| R. Creigh Deeds | — | Nay |
| Ruff, Frank M., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Vogel, Jill Holtzman | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 9 | 6 | 0 | 0 |
| Total | 9 | 6 | 0 | 0 |
| % of votes cast | 60% | 40% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Spruill, Lionell, Sr. | — | Yea |
| Barker, George L. | — | Yea |
| Bell, John J. | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Nay |
| Edwards, John S. | — | Nay |
| L. Louise Lucas | — | Nay |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mason, T. Montgomery "Monty" | — | Nay |
| Newman, Stephen D. | — | Yea |
| Norment, Thomas K., Jr. | — | Yea |
| R. Creigh Deeds | — | Nay |
| Saslaw, Richard L. | — | Yea |
| Scott A. Surovell | — | Nay |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 7 | 8 | 0 | 0 |
| Total | 7 | 8 | 0 | 0 |
| % of votes cast | 47% | 53% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Mason, T. Montgomery "Monty" | — | Nay |
| Bell, John J. | — | Nay |
| Barker, George L. | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Norment, Thomas K., Jr. | — | Nay |
| Spruill, Lionell, Sr. | — | Yea |
| Newman, Stephen D. | — | Yea |
| Edwards, John S. | — | Nay |
| Adam P. Ebbin | — | Nay |
| David W. Marsden | — | Nay |
| L. Louise Lucas | — | Yea |
| Mark D. Obenshain | — | Yea |
| R. Creigh Deeds | — | Nay |
| Scott A. Surovell | — | Nay |
Subjects
Frequently asked questions
- What does SB 855 do?
- Financial institutions; small loans; penalty. Prohibits any person from making a small loan unless such person is licensed by the State Corporation Commission. The bill defines "small loan" as an unsecured loan or credit of $5,000 or less extended to a borrower for a personal, family, household, or other noncommercial purpose pursuant to a small loan agreement. The bill also prohibits any person from engaging in the business of arranging or brokering small loans for any consumer residing in the Commonwealth without registering with the Commission. Under the provisions of the bill, a licensee may charge and collect periodic interest at any rate up to 36 percent agreed to by the parties and may also charge and collect a customary daily fee. The bill provides exemptions for certain institutions and persons licensed by the Commission to provide consumer finance loans or motor vehicle loans.The bill provides for qualifications for licensure, posting of a bond, financial solvency requirements, reporting requirements, and recordkeeping and retention requirements. The bill authorizes the Commission to investigate and examine applicants and licensees, to revoke or suspend licenses, to issue cease and desist orders, and to impose a civil penalty of up to $10,000 for violations of the small loan provisions. The bill allows the Commission to refer violations to the Attorney General, and the Attorney General may seek injunctive relief and monetary damages.
- Who sponsors SB 855?
- SB 855 is sponsored by Lewis, Lynwood W., Jr..
- What is the current status of SB 855?
- 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 SB 855?
- Track SB 855 free on One Click Politics — get push/email alerts when it moves.
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