Open-end credit plans; civil penalty.
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SB 37 — Open-end credit plans; civil penalty.
Last action — Incorporated by Commerce and Labor (SB421-Locke) (14-Y 0-N)
No card. One bill, free forever — alerts when it moves.
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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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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
Open-end credit plans; civil penalty. Requiresthat any person engaged in the business of extending credit underan open-end credit plan under which interest is charged at an annualrate that exceeds 36 percent obtain a license to do so from the StateCorporation Commission. The measure prohibits a person licensed asa motor vehicle title lender from extending credit under an open-endcredit plan and prohibits a third party from making open-end creditloans in the office of a licensed motor vehicle title lender. Themeasure prohibits a person that extends credit under an open-endcredit plan under which interest is charged at an annual rate thatexceeds 36 percent from (i) obtaining or accepting from a borroweran authorization to electronically debit the borrower's deposit account;(ii) failing to comply with certain restrictions and prohibitionsapplicable to debt collectors contained in the federal Fair DebtCollection Practices Act; (iii) filing a legal proceeding againsta borrower until 60 days after the date of default on an open-endcredit plan, during which period the person and the borrower mayvoluntarily enter into a repayment arrangement; or (iv) causing a person to be obligated to the licensee for a principal amount thatexceeds $500. The measure also makes it a prohibited practice underthe Virginia Consumer Protection Act to violate the requirementsapplicable to extending credit under an open-end credit plan.
Bill Text
- Impact statement from SCC (SB37) View text Current html November 18, 2019
Action History
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Incorporated by Commerce and Labor (SB421-Locke) (14-Y 0-N)
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Impact statement from SCC (SB37)
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Referred to Committee on Commerce and Labor
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Prefiled and ordered printed; offered 01/08/20 20101104D
Sponsors
- Scott A. Surovell · Primary
Sponsorship breakdown
Export CSV (upgrade) →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.
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 | 14 | 0 | 0 | 1 |
| Total | 14 | 0 | 0 | 1 |
| % of votes cast | 93% | 0% | 0% | 7% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Norment, Thomas K., Jr. | — | Yea |
| Saslaw, Richard L. | — | Yea |
| Newman, Stephen D. | — | Yea |
| Spruill, Lionell, Sr. | — | Yea |
| Edwards, John S. | — | Not Voting |
| Barker, George L. | — | Yea |
| Lewis, Lynwood W., Jr. | — | Yea |
| Mason, T. Montgomery "Monty" | — | Yea |
| Bell, John J. | — | Yea |
| Adam P. Ebbin | — | Yea |
| David W. Marsden | — | Yea |
| L. Louise Lucas | — | Yea |
| Mark D. Obenshain | — | Yea |
| R. Creigh Deeds | — | Yea |
| Scott A. Surovell | — | Yea |
Subjects
Frequently asked questions
- What does SB 37 do?
- Open-end credit plans; civil penalty. Requiresthat any person engaged in the business of extending credit underan open-end credit plan under which interest is charged at an annualrate that exceeds 36 percent obtain a license to do so from the StateCorporation Commission. The measure prohibits a person licensed asa motor vehicle title lender from extending credit under an open-endcredit plan and prohibits a third party from making open-end creditloans in the office of a licensed motor vehicle title lender. Themeasure prohibits a person that extends credit under an open-endcredit plan under which interest is charged at an annual rate thatexceeds 36 percent from (i) obtaining or accepting from a borroweran authorization to electronically debit the borrower's deposit account;(ii) failing to comply with certain restrictions and prohibitionsapplicable to debt collectors contained in the federal Fair DebtCollection Practices Act; (iii) filing a legal proceeding againsta borrower until 60 days after the date of default on an open-endcredit plan, during which period the person and the borrower mayvoluntarily enter into a repayment arrangement; or (iv) causing a person to be obligated to the licensee for a principal amount thatexceeds $500. The measure also makes it a prohibited practice underthe Virginia Consumer Protection Act to violate the requirementsapplicable to extending credit under an open-end credit plan.
- Who sponsors SB 37?
- SB 37 is sponsored by Scott A. Surovell.
- What is the current status of SB 37?
- 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 37?
- Track SB 37 free on One Click Politics — get push/email alerts when it moves.
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