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5/17/02 -
Virginia HB 940 Payday Lending Summary as passed:
(Full Text of
approved HB 940 Payday Lending)
Payday lending; usury; penalties. Establishes requirements for the conduct of
payday lending. A "payday loan" is a transaction where the lender (i) accepts a
check or similar instrument from the borrower; (ii) agrees to hold the check for a period
of time prior to negotiation or presentment; and (iii) gives the borrower the amount of
the check less the permitted interest charge. If the borrower does not pay the loan by the
due date, the lender may obtain repayment by cashing the borrower's check. The measure
caps the fee that a payday lender may charge at $15 per $100 advanced to the borrower. The
minimum term is 7 days. Lenders are prohibited from renewing or "rolling over"
such loans. Payday lenders are required to be licensed with the State
Corporation Commission. A violation of the measure is a
prohibited practice under the Consumer Protection Act. Violators are subject to civil and
criminal penalties. Making unlicensed loans, or arranging or brokering payday loans, is
punishable as a Class 6 felony.
Code of Virginia Title 6.1 Chapter 18 - Payday Loan Act - §§ 6.1-444 through 6.1-471
Bureau of Financial Institutions Consumer Guide to Payday Lending
Virginia General Assembly: http://legis.state.va.us/
Bureau of Financial Institutions: http://www.state.va.us/scc/division/banking.