HB 47 Payday Lending Prohibition Act; penalties.
Paul E. Krizek | all patrons    ...    notes
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Summary as introduced:
Payday Lending Prohibition Act; penalties. Prohibits any person from engaging in any business that consists in whole or in part of making, offering, arranging, or acting as an agent in the making of loans on the security of (i) a check or other draft drawn on the account of an individual at a bank, savings institution, or credit union; (ii) any form of assignment of an interest in the account of an individual at a bank, savings institution, or credit union; or (iii) any form of assignment of income payable to an individual, other than loans based on income tax refunds. The prohibition does not apply to certain lenders subject to the general supervision of or subject to examination by the State Corporation Commission or to banks, savings institutions, or credit unions operating under the laws of the United States or any state. A violation is a Class 1 misdemeanor. Violators are also subject to civil penalties, cease and desist orders, and private actions. Violations are a prohibited practice under the Virginia Consumer Protection Act. Existing provisions providing for the licensing and regulation of payday lenders are repealed.

Full text:
11/30/17  House: Prefiled and ordered printed; offered 01/10/18 18100853D  pdf

Status:
11/30/17  House: Prefiled and ordered printed; offered 01/10/18 18100853D
11/30/17  House: Committee Referral Pending