Pay day loan Act; requires SCC to contract with a number of events to produce, etc. Database. (HB12)

Introduced By

Del. Glenn Oder (R-Newport News) with help from 13 copatrons, whose normal position that is partisan:


Introduced Passed Committee Passed Home Passed Senate Finalized by Governor Became Legislation


Payday lending fees. Establishes a maximum interest that is annual for pay day loans of 36 per cent. Sources into the cash advance Act into the cost that could be charged on such loans are revised to refer to your interest that could be charged. Read the Bill »


03/12/2008: Passed the General Assembly


Date Action
11/27/2007 Committee
11/27/2007 Prefiled and ordered printed; offered 01/09/08 087795668
11/27/2007 known Committee on Commerce and Labor
01/23/2008 Impact statement from SCC (HB12)
02/05/2008 Reported from Commerce and work with replacement (19-Y 3-N) (see vote tally)
02/06/2008 Committee substitute printed 080182668-H1
02/07/2008 Read first time
02/08/2008 browse second time
02/08/2008 Committee replacement consented to 080182668-H1
02/08/2008 Engrossed by House – committee replacement HB12H1
02/11/2008 browse third time and passed House (91-Y 7-N)
02/11/2008 VOTE: — PASSAGE (91-Y 7-N) (see vote tally)
02/11/2008 Communicated to Senate
02/12/2008 Constitutional reading dispensed
02/12/2008 Referred to Committee on Commerce and Labor
02/15/2008 Impact statement from SCC (HB12H1)
03/03/2008 Reported from Commerce and work with replacement (13-Y 0-N)
03/03/2008 Committee substitute printed 089577668-S1
03/04/2008 Constitutional reading dispensed (40-Y 0-N)
03/04/2008 browse third time
03/04/2008 Reading of substitute waived
03/04/2008 Committee substitute decided to 089577668-S1
03/04/2008 Passed by during the day
03/05/2008 study third time
03/05/2008 Passed by for the afternoon
03/06/2008 browse 3rd time
03/06/2008 Passed by temporarily
03/06/2008 viewing of amendments waived
03/06/2008 Amendments by Senator Stolle decided to
03/06/2008 Engrossed by Senate – committee substitute with amendments HB12S1
03/06/2008 Passed Senate with substitute with amendments (37-Y 2-N 1-A)
03/06/2008 positioned on Calendar
03/06/2008 Senate replacement with amendments consented to by House 089577668-S1 (77-Y 4-N)
03/06/2008 VOTE: — ADOPTION (77-Y 4-N)
03/08/2008 Enrolled
03/08/2008 Bill text as passed away home and Senate (HB12ER)
03/08/2008 finalized by Speaker
03/11/2008 finalized by President
03/11/2008 influence declaration from SCC (HB12ER)
03/12/2008 finalized by President
03/12/2008 finalized by Speaker
04/11/2008 Governor’s recommendation gotten by home

Duplicate Bills

The bills that are following exactly the same as this 1: SB24 and SB670.


36% ought to be the interest limit for payday lenders in Virginia. Delegate Oder’s bill attracts a line when you look at the sand for several residents prompting us to inquire of what exactly is a reasonable rate of interest. Families are struggling in this era of economic depression with gasoline rates surging, home loan standard rates sky high, while the price of food growing. The typical Assembly of Virginia should cap interest levels at 36%, which can be nevertheless 50% a lot more than Washington D.C.

Below is definitely an editorial through the Virginian Pilot

Now or never on payday loan providers The Virginian-Pilot © December 6, 2007 final updated: 6:12 PM

It is problematic for lawmakers to disentangle Virginia through the internet that predatory lenders have actually spun on our communities.

But that difficult task must certanly be achieved in this cold temperatures’s General Assembly session. If legislators flinch, while they did in 2007, they’re going to give payday lenders another 12 months to become more entrenched within the halls associated with Capitol plus in areas throughout the state.

The sheer number of payday workplaces in Virginia ballooned from 596 to 791 within the previous 3 years. Twenty-two brand new payday offices sprouted up in South Hampton roads year that is just last.

Dig much deeper to the data gathered by their state Bureau of banking institutions, plus the human being price starts to emerge.

Payday businesses loaned down $1.3 billion year that is last up from $655 million in 2003, the season once they received permission to charge significantly more than 36 % interest. Significantly more than 433,500 individuals obtained a short-term, high-interest loan in 2006, with almost 97,000, or almost one in four, taking out fully 13 or maybe more loans.

Payday loan providers filed legal actions against 12,500 borrowers just last year, significantly more than double the number reported in 2003.

Hampton roadways has long had among the greatest concentrations of payday loan providers within the state, but Northern Virginia communities have actually explanation to worry that they can quickly be swamped with brand new workplaces peddling “easy cash. “

In September, the town Council of Washington, D.C., voted to cap pay day loans at a 24 per cent yearly rate of interest. A lot of those organizations are anticipated to flee throughout the state line into Virginia, where state laws enable interest levels of almost 400 per cent.

Vermont banned predatory lending last year, while Maryland and western Virginia haven’t provided state approval for payday businesses.

Surrounded by states which have managed to get payday that is clear aren’t welcome, Virginia leaders has to take quick action to safeguard their constituents or they are going to bear the fault when payday loan providers overrun their state.

Offer the 36% motion. Take a look at www. and www.

I cannot think our company is also considering a maximum rate of interest of 36%. That is crazy! Are you experiencing any notion of exactly how many individuals will default on these kind loans, the expenses and costs put into the loan that is originalin addition to interest) when they’re not able to spend, etc. Exactly How is this assisting us avoid a recession? Not just should we bar payday advances, we ought to ban car name loans!

Yes, spend lending should be banned but that would be nearly impossible to achieve day. At the least capping them at 36% is a good compromise and an excellent begin.

Glenn Oder may be the guy. A stalwart when you look at the motion against predatory financing.

Judy, inform your legislator exactly just how you are feeling!

Here is the ethical stance our state has to just simply take to exhibit that the legislature is short for all of the residents of our state, including residents that are vunerable since they live paycheck to paycheck. Really 36% is just too high however it is the banking standard and it is a huge enhancement on the 390%+ that could be the payday industry standard now.

Predatory company models deserve no unique exemption from Virginia State Law. They need to need certainly to run underneath the Usury Cap of 36per cent outlined in the customer Finance regulations for many other financing institutions.

If you forget to cover a state tax, they ask you for 100% interest. Makes 36% appear downright reasonable.

We understand this in an effort to make certain payday loan providers usually do not get deeper into the pouches for the less fortunate. I suppose they will have their place in culture, but where, I do maybe perhaps not understand. Perhaps at the end of this heap. Anyhow, i do believe pay check financing is just a big farce and allowing it to carry on could be an illustration which our lawmakers in Richmond are out of touch with all the individuals these were elected to provide. I suppose that is a lot to ask of our representatives in Richmond which they remember whom place them here and they might be away from a work come the following elections.

It is a commentary that is sad your house & Senate when they are not able to bring this case under control in Virginia. In the event that Feds said our military WILL LIKELY NOT be subject to those terrible prices, then why would the typical Assembly state “Oh, its O.K., Virginians need someplace to obtain these short-term funds. “WRONG”; who’s to think our Delegates and Senators are incredibly out-of-touch that they really think that. Re-educate those least in our midst, & deliver them to the Credit Unions if you were to think banking institutions do not want to provide short-term funds. If you join a C.U. You can easily borrow at 8.75%. Visit 1st Advantage C.U. To find out more.

Payday lender(390%apr) – borrow $100 pay in 14 days $115 1 credit union(18% apr)- borrow $100 pay in two weeks $100.74 Payday at (36%apr) borrow $100 pay in two weeks $101.48 Let me know what exactly is reasonable reviews! REasonable, collectable, reasonable