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S.B. 1126. A BILL to amend the Code of Virginia by adding a section numbered 6.2-1529.1, relating to consumer finance companies; Internet loans. 17100949D

01/23/17 Senate: Printed as engrossed 17100949D-E
01/09/17 Senate: Prefiled and ordered printed; offered 01/11/17 17100949D

Patron--Surovell

Reported from Committee on Commerce and Labor (8-Y 5-N)

YEAS--Saslaw, Newman, Obenshain, Stuart, Stanley, Cosgrove, Dance, Lucas--8.

NAYS--Wagner, Chafin, McDougle, Black, Sturtevant--5.

ABSTENTIONS--0.

Floor amendment adopted by Senate January 23, 2017

AMENDMENT(S) PROPOSED BY THE SENATE

SEN. SUROVELL

    1. Line 19, introduced, after line 18
      insert
        2. That the provisions of the first enactment of this act shall not become effective unless reenacted by the 2018 Session of the General Assembly.
        3. That the State Corporation Commissionís Bureau of Financial Institutions (Bureau) shall conduct an analysis of the legal, administrative, and other relevant issues relating to the feasibility of regulating Internet lending activities by consumer finance companies.† The Bureau shall complete its analysis by December 1, 2017, and shall report its findings, including any proposed legislation, to the Chairmen of the Senate Committee on Commerce and Labor and the House Committee on Commerce and Labor.

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