VirginiaFinancial institutions; loans and legal rate of interest.
What it does
Financial institutions; loans and legal rate of interest. Provides that for the purposes of provisions governing usury and the legal rate of interest, "make" or "making," when used in reference to a loan, means advancing, offering to advance, or making a commitment to advance funds to a borrower for a loan. The bill provides that the prohibition against a contract for the payment of interest on a loan at a rate that exceeds 12 percent per year applies to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including (i) making loans disguised as personal property sale and leaseback transactions; (ii) disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; and (iii) making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than permitted through any method, including mail, telephone, Internet, or any electronic means, regardless of whether the person has a physical location in the state.
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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
- Apr 2Senate sustained Governor's vetoLatest
- Apr 2Passed by for the day
- Mar 24Vetoed by Governor Glenn YoungkinMajor
- Mar 11Governor's Action Deadline 11:59 p.m., March 24, 2025To Governor
- Mar 11Enrolled Bill Communicated to Governor on March 11, 2025Minor
- Mar 10Signed by PresidentMajor
- Mar 7Signed by SpeakerMajor
- Mar 7Bill text as passed Senate and House (SB1252ER)Major
- Mar 7EnrolledMinor
- Feb 19House amendment agreed to by Senate (29-Y 10-N 1-A)Major
- Vote recorded House amendment agreed to by Senate (29-Y 10-N 1-A). Result: pass.Upper
- Vote recorded House Amendment agreed to by Senate (39-Y 1-N). Result: pass.Upper
- Vote recorded Reconsideration of (40-Y 0-N). Result: pass.Upper
- Feb 19Reconsideration of (40-Y 0-N)
- Feb 19House Amendment agreed to by Senate (39-Y 1-N)Major
- Feb 18Passed House with amendment (50-Y 47-N)Passed House
- Vote recorded Passed House with amendment (50-Y 47-N). Result: pass.Lower
- Feb 18Engrossed by House as amended
- Feb 18Labor and Commerce Amendment agreed toMajor
- Feb 18Read third timeMinor
- Feb 17Read second timeMinor
- Feb 13Reported from Labor and Commerce with amendment(s) (12-Y 10-N)Minor
- Vote recorded Reported from Labor and Commerce with amendment(s) (12-Y 10-N). Result: pass.Lower
- Feb 11Subcommittee recommends reporting with amendment(s) (4-Y 3-N)
- Vote recorded Subcommittee recommends reporting with amendment(s) (4-Y 3-N). Result: pass.Lower
- Feb 6Assigned L & C sub: Subcommittee #1Minor
- Feb 6Referred to Committee on Labor and CommerceMinor
- Feb 6Read first timeMinor
- Feb 6Placed on Calendar
- Feb 3Read third time and passed Senate (34-Y 6-N)Passed Senate
- Vote recorded Read third time and passed Senate (34-Y 6-N). Result: pass.Upper
- Feb 2Fiscal Impact Statement from State Corporation Commission (SB1252)
- Jan 31Passed by for the day
- Jan 30Engrossed by Senate - committee substituteMajor
- Jan 30Commerce and Labor Substitute agreed to
- Jan 30Reading of substitute waived
- Jan 30Read second timeMinor
- Jan 29Passed by for the day
- Vote recorded Constitutional reading dispensed (on 1st reading) (38-Y 0-N). Result: pass.Upper
- Jan 29Constitutional reading dispensed (on 1st reading) (38-Y 0-N)
- Jan 29Rules suspended
- Jan 27Committee substitute printed 25106093D-S1Major
- Vote recorded Reported from Commerce and Labor with substitute (9-Y 6-N). Result: pass.Upper
- Jan 27Reported from Commerce and Labor with substitute (9-Y 6-N)Minor
- Jan 8Referred to Committee on Commerce and LaborMinor
- Jan 8Prefiled and ordered printed; Offered 01-08-2025 25102986DIntroduced