VirginiaContracts assigning rights to earned wages; legal rate of interest.
What it does
Contracts assigning rights to earned wages; legal rate of interest. Provides that any contract entered into on or after July 1, 2025, 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 earned wages, salary, commissions, or other compensation for services shall be considered a loan and that 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.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jan 27Stricken at request of Patron in Commerce and Labor (15-Y 0-N)Latest
- Vote recorded Stricken at request of Patron in Commerce and Labor (15-Y 0-N). Result: pass.Upper
- Jan 16Fiscal Impact Statement from State Corporation Commission (SB759)
- Jan 27Stricken at request of Patron in Commerce and Labor (15-Y 0-N)Latest
- 2024
- Dec 10Referred to Committee on Commerce and LaborMinor
- Dec 10Prefiled and ordered printed; Offered 01-08-2025 25101242DIntroduced