Banking And Finance
Virginia 2011 Regular Session
Health insurance; multiple employer welfare arrangements. [HB-1538]
[Healthcare ]
[Insurance ]
Health insurance; multiple employer welfare arrangements. Exempts multiple employer welfare arrangements (MEWAs) that are comprised only of banks together with their plan-sponsoring organization, and their respective employees, from the provisions of the Commonwealth's insurance laws. Currently, such an exemption applies to MEWAs comprised of banks and their employees. The term "plan-sponsoring organization" is defined as an association that sponsors a MEWA comprised only of banks and that, among other things, has been in existence for at least
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Sponsored by: Rep. Donald Merricks
Governor: Acts Of Assembly Chapter Text (chap0329) on 03/22/2011
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Gettr Virginia 2011 Regular Session
Motor vehicle title loans, payday loans, and open-end credit plans; caps interest rate. [HB-1441]
[Finance ]
[Consumer Protection ]
Motor vehicle title loans, payday loans, and open-end credit plans; interest rate. Caps the rate of interest that may be charged on motor vehicle title loans, payday loans, and open-end credit plans at 36 percent per year.
Sponsored by: Sen. Adam Ebbin
House: Left In Commerce And Labor on 02/08/2011
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Virginia 2008 Regular Session
Mortgage lenders or servicers; notice and additional time before foreclosure on high-risk loans. [SB-797]
[Finance ]
[Real Estate ]
[Housing ]
[Consumer Protection ]
High-risk mortgage lenders or servicers; 10 days' notice; 30 days' forbearance. Requires high-risk mortgage lenders or servicers to provide written notice of the intention to send a notice to accelerate the loan balance 10 business days prior to sending the notice of acceleration. If the borrower indicates the desire to avoid foreclosure, the high-risk mortgage lender or servicer shall give the borrower 30 calendar days' forbearance. The measure does not apply if the lender makes fewer than four mortgage loans in any 12-month period, if there is
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Sponsored by: Sen. Phillip Puckett Governor: Acts Of Assembly Chapter Text (chap0878) on 04/23/2008
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Virginia 2008 Regular Session
Adult protective services; reporting of suspected financial abuse of elderly & dependent persons. [SB-738]
[Senior Citizens ]
[Consumer Protection ]
[Finance ]
[Human Services ]
[Law Enforcement ]
[Public Safety ]
[Crime ]
Adult protective services; reports by financial institution employees of financial abuse of elder or dependent persons. Requires employees of banks and trust companies, savings banks, building and loan associations, savings and loan companies or associations, and credit unions to report the suspected financial abuse of elder or dependent persons, based on information obtained in their professional or official capacity.
Sponsored by: Sen. John Edwards Senate: Continued To 2009 In Commerce And Labor (15-y 0-n) on 02/11/2008
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Virginia 2008 Regular Session
Mortgage lenders, etc.; prohibits making a mortgage that is more expensive than borrower qualifies. [SB-709]
[Finance ]
[Housing ]
[Consumer Protection ]
Mortgage lenders and brokers. Prohibits any mortgage lender or broker that is required to be licensed under the Mortgage Lender and Broker Act from making a mortgage loan to, or negotiating, placing or finding a mortgage loan for, a borrower if it is more expensive than another mortgage loan with identical terms that the lender or broker markets or offers and for which the borrower qualifies.
Sponsored by: Sen. Stephen Martin House: Left In Commerce And Labor on 03/12/2008
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Virginia 2008 Regular Session
Payday loans; prohibits lender from harrassing, oppressing, or abusing when collecting a debt. [SB-694]
[Consumer Protection ]
[Finance ]
Payday loans; collection practices. Prohibits a payday lender, when collecting a payday loan, from (i) engaging in any conduct the natural consequence of which is to harass, oppress, or abuse any person in connection with the collection of a debt, (ii) using any false, deceptive, or misleading representation or means in connection with the collection of a debt, and (iii) using unfair or unconscionable means to collect or attempt to collect any debt.
Sponsored by: Sen. Donald McEachin Senate: Left In Commerce And Labor on 02/12/2008
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Virginia 2008 Regular Session
Credit unions; added to institutions that may be qualified public depositories. [SB-675]
[Finance ]
Qualified public depositories; credit unions. Adds state- and federal-chartered credit unions to the institutions that may be qualified public depositories.
Sponsored by: Sen. Stephen Newman Senate: Stricken At Request Of Patron In Commerce And Labor (15-y 0-n) on 01/28/2008
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Virginia 2008 Regular Session
Payday lending charges; establishes maximum annual interest rate. [SB-670]
[Finance ]
[Consumer Protection ]
Payday lending charges. Establishes a maximum annual interest rate for payday loans of 36 percent. References in the Payday Loan Act to the fee that may be charged on such loans are revised to refer to the interest that may be charged.
Sponsored by: Sen. Donald McEachin Senate: Left In Commerce And Labor on 02/12/2008
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Virginia 2008 Regular Session
Retirement System; authority to manage and invest certain funds. [SB-614]
[Retirement ]
[Pensions ]
[Investments ]
[Budget and Spending ]
Virginia Retirement System; authority to manage and invest certain funds. Authorizes the Virginia Retirement System to manage and invest funds in a trust or equivalent arrangement established by a local government or other local entity to fund certain postemployment benefits. The bill would provide that the Commonwealth would not be liable for any losses suffered by a local entity, or a trust or equivalent arrangement established by the local entity, on investments of such funds made by the Virginia Retirement System. In addition, no officer, director,
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Sponsored by: Sen. Kenneth Stolle House: Left In Appropriations on 03/03/2008
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Virginia 2008 Regular Session
Payday Loan Act; requires SCC to contract with one or more parties to develop, etc. database. [SB-588]
[Consumer Protection ]
[Finance ]
[Law Enforcement ]
[Technology and Innovation ]
[Data Privacy ]
Payday Loan Act. Requires the State Corporation Commission, by January 1, 2009, to certify and contract with one or more third parties to develop, implement, and maintain an Internet-accessible database, and requires payday lenders to query the database prior to making any loan to determine whether the loan is permissible. Licensees are required to pay a database inquiry fee to the database provider. A payday lender is prohibited from making a payday loan to a person if the loan would cause the borrower to have more than one payday loan outstanding
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Sponsored by: Sen. Phillip Puckett Governor: Acts Of Assembly Chapter Text (chap0876) on 04/23/2008
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Virginia 2008 Regular Session
Unclaimed property; reduces holding period for abandonment for banks & financial organizations. [SB-583]
[Finance ]
[Consumer Protection ]
Uniform Disposition of Unclaimed Property Act; banks and financial organizations. Reduces the holding period for abandonment for unclaimed property for banks and financial organizations from five years to two years for banks or organizations that deduct a charge or cease to accrue interest because of dormancy or inactivity. The measure also provides that if a holder of the property ceases imposing additional charges or retroactively credits interest on dormant or inactive property for a reason other than to correct a documented internal error,
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Sponsored by: Sen. Charles Colgan Senate: Continued To 2009 In Commerce And Labor By Voice Vote on 02/04/2008
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Virginia 2008 Regular Session
Credit reports; authorizes consumer to freeze access thereto. [SB-576]
[Consumer Protection ]
[Data Privacy ]
[Finance ]
[Law Enforcement ]
Freezing access to credit reports. Authorizes any consumer to freeze access to his credit report. If a consumer has placed a freeze on his credit report, a consumer reporting agency is prohibited from releasing the credit report, or any information in it, without the consumer's express authorization. The measure provides a means by which a consumer can release his report, permanently, temporarily, or to a specific third party. Certain disclosures are exempt from the freeze. A fee of up to $10 may be charged for establishing a freeze, except identity
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Sponsored by: Sen. Janet Howell Governor: Acts Of Assembly Chapter Text (chap0480) on 03/14/2008
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Virginia 2008 Regular Session
Motor vehicle equity loans; caps interest thereon. [SB-565]
[Finance ]
[Transportation and Motor Vehicles ]
[Consumer Protection ]
[Crime ]
Motor vehicle equity loans; penalties. Regulates motor vehicle equity loans, which are closed-end loans secured by an interest in a motor vehicle. The measure caps the interest on such loans at 20 percent per month for the first two months and three percent per month for the balance of the term. If such a loan is repaid in full within 48 hours, the loan shall not bear interest. The maximum term of such a loan is 12 months. The maximum amount of a motor vehicle equity loan is 50 percent of the value of the motor vehicle. Lenders are required to
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Sponsored by: Sen. Mark Obenshain Senate: Passed By Indefinitely In Commerce And Labor By Voice Vote on 02/04/2008
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Virginia 2008 Regular Session
Identity theft & etc.; multijurisdictional grand jury may investigate. [SB-549]
[Crime ]
[Criminal Justice ]
[Data Privacy ]
[Public Safety ]
Multijurisdictional grand juries. Adds crimes related to identity theft and credit card fraud to the matters that a multijurisdictional grand jury may investigate.
Sponsored by: Sen. Robert Hurt Governor: Acts Of Assembly Chapter Text (chap0704) on 04/14/2008
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Virginia 2008 Regular Session
Higher educational institutions; policies addressing student loan vendors. [SB-510]
[Student Loans ]
[Education ]
[Consumer Protection ]
[Funding ]
Institutions of higher education; student lending policies; report. Requires the State Council of Higher Education to develop policies and procedures for disclosing certain information to students on student lending practices. This information shall include (i) the criteria used to determine which lenders, if any, are recommended or endorsed by the school, and (ii) explicit notification that students are free to borrow from any lender of their choosing and are not limited to a list offered by the school. Also, the bill prohibits public institutions
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Sponsored by: Sen. John Petersen Governor: Acts Of Assembly Chapter Text (chap0624) on 03/18/2008
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Virginia 2008 Regular Session
Credit reports; authorizes armed services members and spouses to freeze. [SB-461]
[Consumer Protection ]
[Military ]
[Data Privacy ]
Credit report security freezes for armed services members. Authorizes Virginia-domiciled members of the armed services or National Guard and their spouses to freeze access to their credit reports. If a consumer has placed a freeze on his credit report, a consumer reporting agency is prohibited from releasing the credit report, or any information in it, without the consumer's express authorization. The measure provides a means by which the service member or spouse can release his report, permanently, temporarily, or to a specific third party. A
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Sponsored by: Sen. Mary Whipple Senate: Incorporated By Commerce And Labor (sb576-saslaw) (15-y 0-n) on 02/11/2008
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Virginia 2008 Regular Session
Security of Public Deposits Act; eligible collateral & amends definition of public depository. [SB-398]
[Finance ]
[Public Safety ]
Virginia Security of Public Deposits Act; qualified public depository; eligible collateral. Includes as eligible collateral Federal Home Loan Bank letters-of-credit that adhere to the guidelines as promulgated by the Treasury Board. The bill also amends the definition of "qualified public depository" to include banks, trust companies, or savings institutions that are organized under the laws of another state and having a main office or branch office in Virginia where deposits are accepted, checks are paid, and money is lent.
Sponsored by: Sen. Phillip Puckett Governor: Acts Of Assembly Chapter Text (chap0007) on 02/20/2008
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Virginia 2008 Regular Session
Investment of Public Funds Act; authorized through Certificate of Deposit Account Registry Service. [SB-399]
[Finance ]
[Investments ]
[Budget and Spending ]
Investment of public funds in certificates of deposit. Authorizes public entities to invest public funds in certificates of deposit in one or more federally insured bank or savings institution. The moneys must be initially invested through a federally insured bank or savings institution that is qualified by the Virginia Treasury Board to accept public deposits.
Sponsored by: Sen. Phillip Puckett Governor: Acts Of Assembly Chapter Text (chap0103) on 03/04/2008
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Virginia 2008 Regular Session
Credit reports; authorizes armed services members and spouses to freeze. [SB-325]
[Consumer Protection ]
[Finance ]
[Military ]
[Veterans ]
[Data Privacy ]
Credit report security freezes for armed services members. Authorizes Virginia-domiciled members of the armed services who are deployed to another country and their spouses to freeze access to their credit reports. If a consumer has placed a freeze on his credit report, a consumer reporting agency is prohibited from releasing the credit report, or any information in it, without the consumer's express authorization. The measure provides a means by which the service member or spouse can release his report, permanently, temporarily, or to a specific
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Sponsored by: Sen. Emmett Hanger Senate: Incorporated By Commerce And Labor (sb576-saslaw) (15-y 0-n) on 02/11/2008
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Virginia 2008 Regular Session
Payday lending charges; establishes maximum annual interest rate. [SB-279]
[Finance ]
[Consumer Protection ]
Payday lending charges. Establishes a maximum annual interest rate for payday loans of 36%.
Sponsored by: Sen. John Miller Senate: Left In Commerce And Labor on 02/12/2008