Virginia 2024 Regular Session Status: Enacted

HB 648 — Contracts assigning rights to inheritance funds; legal rate of interest.

Last action — Acts of Assembly Chapter text (CHAP0728)

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

This bill has been enacted into law. Introduced January 09, 2024. Enacted.

Signed by Governor Glenn Youngkin (Republican) on April 08, 2024.

Odds of enactment

High chance

Based on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Likely to advance 72% · moderate confidence

  • Enacted

    Current position in the legislative process.

  • 2 sponsors

    1 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 7 recorded votes so far.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Summary

Contracts assigning rights to inheritance funds; legal rate of interest. Provides that any contract entered into on or after July 1, 2024, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive inheritance funds from a will in a pending probate matter shall be considered a loan and any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.

Bill Text

What changed in the latest version

46 added · 46 removed

Plain-language change summary

The recent amendment to Bill HB 648 clarifies and reaffirms the legal interest rate on loans in Virginia, which cannot exceed 12 percent per year unless specifically allowed by other laws. It also updates the references to various sections of the Virginia Code that permit higher interest rates for specific types of lenders, such as consumer finance companies and motor vehicle title lenders. This change is important because it helps ensure that borrowers are protected from excessively high interest rates while still allowing for regulated exceptions.

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Previous
Latest
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend and reenact § 6.2-303 of the Code of Virginia, relating to contracts assigning rights to inheritance funds;
VIRGINIA ACTS OF ASSEMBLY -- 2024 SESSION CHAPTER 728 An Act to amend and reenact § 6.2-303 of the Code of Virginia, relating to contracts assigning rights to inheritance funds;
R O [H 648] Approved L L 1.
[H 648] Approved April 8, 2024 Be it enacted by the General Assembly of Virginia:
1.
E A.
A.
1.
2.
Article 4 (§ 6.2-309 et seq.) of this chapter;
Chapter 15 (§ 6.2-1500 et seq.), relating to powers of consumer finance companies;
Chapter 18 (§ 6.2-1800 et seq.), relating to short-term loans;r finance companies;
Chapter 18 (§ 6.2-1800 et seq.), relating to short-term loans;
Chapter 22 (§ 6.2-2200 et seq.), relating to interest chargeable by motor vehicle title lHnders;
Chapter 22 (§ 6.2-2200 et seq.), relating to interest chargeable by motor vehicle title lenders;
B 6.
6.
4 7.
7.
Chapter 47 (§ 38.2-4700 et seq.) of Title 38.2, relating to interest chargeable by premiuE finance companies;
Chapter 47 (§ 38.2-4700 et seq.) of Title 38.2, relating to interest chargeable by premium finance companies;
R 8.
8.
and agreements.1-3018, relating to interest and origination fees payable under third-party tax payment C.
and 9.
§ 58.1-3018, relating to interest and origination fees payable under third-party tax payment agreements.
C.
any device, subterfuge, or pretense whatsoever, including:rson who seeks to evade its application by 1.
E.
The provisions of subsection A shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including:
1.
The real or pretended negotiation, arrangement, or procurement of a loan through any use or actF.
The real or pretended negotiation, arrangement, or procurement of a loan through any use or activity of a third person, whether real or fictitious.
F.
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Action History

  1. Acts of Assembly Chapter text (CHAP0728)

  2. Approved by Governor-Chapter 728 (effective 7/1/24)

  3. Governor's Action Deadline 11:59 p.m., April 8, 2024

  4. Enrolled Bill communicated to Governor on March 11, 2024

  5. Impact statement from SCC (HB648ER)

  6. Signed by President

  7. Signed by Speaker

  8. Bill text as passed House and Senate (HB648ER)

  9. Enrolled

  10. VOTE: Adoption (96-Y 0-N)

  11. Senate amendment agreed to by House (96-Y 0-N)

  12. Passed Senate with amendment (30-Y 10-N)

  13. Engrossed by Senate as amended

  14. Amendment by Senator Surovell agreed to

  15. Reading of amendment waived

  16. Read third time

  17. Constitutional reading dispensed (39-Y 0-N)

  18. Reported from Courts of Justice (12-Y 0-N 2-A)

  19. Impact statement from SCC (HB648E)

  20. Referred to Committee for Courts of Justice

  21. Constitutional reading dispensed

  22. VOTE: Block Vote Passage (100-Y 0-N)

  23. Read third time and passed House BLOCK VOTE (100-Y 0-N)

  24. Printed as engrossed 24104601D-E

  25. Engrossed by House as amended HB648E

  26. Committee amendment agreed to

  27. Read second time

  28. Read first time

  29. Reported from Labor and Commerce with amendment(s) (21-Y 0-N)

  30. Subcommittee recommends reporting with amendments (7-Y 0-N)

  31. Impact statement from SCC (HB648)

  32. Assigned L & C sub: Subcommittee #1

  33. Referred to Committee on Labor and Commerce

  34. Prefiled and ordered printed; offered 01/10/24 24104601D

Sponsors

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 146 not signed on · 10 voted No

Sponsors (1)

Co-sponsors (1)

Not signed on (146)

146 members have not signed on to this bill.

Show all 146 →

"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

VOTE: Adoption (96-Y 0-N)

Passed 95 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 95004
Total 95004
% of votes cast 96%0%0%4%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Not Voting
Delores Oates — Yea
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Yea
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Not Voting
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Not Voting
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Not Voting
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Passed Senate with amendment (30-Y 10-N)

Passed 30 Yea · 10 Nay
Party YeaNayPresentNot Voting
Unaffiliated 301000
Total 301000
% of votes cast 75%25%0%0%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Nay
Bryce E. Reeves — Nay
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Nay
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Nay
Mark J. Peake — Yea
McGuire, John J., III — Nay
R. Creigh Deeds — Yea
Richard H. Stuart — Nay
Russet Perry — Yea
Ryan T. McDougle — Nay
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Yea
Tara A. Durant — Nay
Timmy French — Nay
Todd E. Pillion — Yea
William M. Stanley, Jr. — Nay

Official roll call →

Constitutional reading dispensed (39-Y 0-N)

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 39001
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Yea
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Not Voting
McGuire, John J., III — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Yea
Tara A. Durant — Yea
Timmy French — Yea
Todd E. Pillion — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Reported from Courts of Justice (12-Y 0-N 2-A)

Passed 12 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 12003
Total 12003
% of votes cast 80%0%0%20%
How each member voted (15)
Member Party Vote
Carroll Foy, Jennifer D. — Yea
Emily M. Jordan — Yea
Jennifer B. Boysko — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Not Voting
Russet Perry — Yea
Ryan T. McDougle — Not Voting
Saddam Azlan Salim — Yea
Scott A. Surovell — Yea
Subramanyam, Suhas — Yea
William M. Stanley, Jr. — Not Voting

Official roll call →

VOTE: Block Vote Passage (100-Y 0-N)

Passed 99 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 99000
Total 99000
% of votes cast 100%0%0%0%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Yea
Delores Oates — Yea
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Yea
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Yea
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Reported from Labor and Commerce with amendment(s) (21-Y 0-N)

Passed 21 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 21001
Total 21001
% of votes cast 95%0%0%5%
How each member voted (22)
Member Party Vote
Alfonso H. Lopez — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Dan I. Helmer — Yea
Gilbert, C. Todd — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Not Voting
Joseph P. McNamara — Yea
LeVere Bolling, Destiny — Yea
Maldonado, Michelle Lopes — Yea
Marshall, Daniel W., III — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mundon King, Candi — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Terry G. Kilgore — Yea
Tony O. Wilt — Yea
Wren M. Williams — Yea

Official roll call →

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 648 do?
Contracts assigning rights to inheritance funds; legal rate of interest. Provides that any contract entered into on or after July 1, 2024, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive inheritance funds from a will in a pending probate matter shall be considered a loan and any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.
Who sponsors HB 648?
HB 648 is sponsored by Lovejoy, Ian T. and Coyner, Carrie E..
What is the current status of HB 648?
This bill has been enacted into law. Introduced January 09, 2024. Enacted.
Where can I track HB 648?
Track HB 648 free on One Click Politics — get push/email alerts when it moves.

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