Banking And Finance
Virginia 2013 Regular Session
Payday loans; permitted interest. [SB-741]
[Finance ]
[Consumer Protection ]
Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.
Sponsored by: Sen. John Miller
Failed To Report (defeated) In Commerce And Labor (4-y 11-n) on 01/14/2013
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Gettr Virginia 2013 Regular Session
Financial institutions; checks required to show date account was opened. [SB-1249]
[Finance ]
[Consumer Protection ]
Financial institutions; checks. Repeals the requirement that checks and similar instruments of a financial institution located in the Commonwealth display the month and year in which the account was opened.
Sponsored by: Rep. Thomas Garrett
Governor: Acts Of Assembly Chapter Text (chap0102) on 03/05/2013
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Virginia 2013 Regular Session
Banks; derivative transactions. [SB-1034]
[Finance ]
[Consumer Protection ]
Banks; derivative transactions. Provides for the treatment of derivative transactions with regard to the requirement that the total obligations of any person to any bank shall at no time exceed 15 percent of the sum of the capital, surplus, and loan loss reserve of a bank. An "obligation" is defined in this measure as including any credit exposure to a person arising from a derivative transaction between the bank and the person. "Derivative transaction" is defined as including any transaction that is a contract, agreement, swap, warrant, note, or
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Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0098) on 03/05/2013
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Virginia 2013 Regular Session
Commercial banking & investment banking; memorializing Congress enact legislation. [HJR-600]
[Finance ]
[Investments ]
Memorializing Congress to enact legislation reinstating the separation of commercial banking and investment banking. Expresses the sense of the General Assembly in support of federal legislation, such as the Return to Prudent Banking Act of 2011, that would revive the separation between commercial banking and the securities business in the manner that had been required under the Glass-Steagall Act.
Sponsored by: Rep. Robert Marshall
Left In Commerce And Labor on 02/05/2013
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Virginia 2013 Regular Session
Monetary unit based on metallic standard; joint subcommittee to study feasibility, etc. [HJR-590]
[Finance ]
[Economic Development ]
Study; joint subcommittee to study the feasibility of a metallic-based monetary unit; report. Establishes a joint subcommittee to study whether the Commonwealth should adopt a metallic-based monetary unit to serve as a contingency currency for the Commonwealth.
Sponsored by: Rep. Robert Marshall
Rejected By Senate on 02/19/2013
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Virginia 2013 Regular Session
Motor vehicles; locality may reasonably limit number of title loan businesses, payday lenders, etc. [HB-2323]
[Finance ]
[Consumer Protection ]
[Small Business ]
[Law Enforcement ]
[Economic Development ]
Local limitations as to number of certain businesses. Provides that a locality may by ordinance reasonably limit the number of motor vehicle title loan businesses, payday lenders, check cashers, and precious metals dealers that may be operated at any one time within its territorial limits. The ordinance may limit the number of such establishments based on a specific number of businesses per magisterial or election district or by limiting the number of such businesses within an established radius.
Sponsored by: Sen. Scott Surovell
Left In Commerce And Labor on 02/05/2013
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Virginia 2013 Regular Session
Voluntary regulatory self-assessments by banks; privilege. [HB-2237]
[Finance ]
[Consumer Protection ]
Voluntary regulatory self-assessments by banks; privilege. Creates a privilege for self-assessment reports of a bank or its holding company, affiliates, and subsidiaries. The privilege makes a self-assessment report not admissible or subject to discovery in civil or administrative proceeding. The privilege shall not apply if it is waived; if the report is disclosed to certain third parties; if it is determined that the privilege is being asserted for a fraudulent purpose or that the report was prepared to avoid disclosure of information in a proceeding
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Sponsored by: Rep. Charles Poindexter
Governor: Acts Of Assembly Chapter Text (chap0032) on 02/20/2013
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Virginia 2013 Regular Session
Money order sales and money transmission services; provisions. [HB-2162]
[Finance ]
[Consumer Protection ]
Money order sales and money transmission services. Exempts from requirements governing the business of selling money orders or transmitting money (i) any state, or any department, instrumentality, agency, locality, municipality, or political subdivision thereof, and (ii) any entity that has been explicitly designated in a written agreement as an agent of any governmental authority or unit. Any funds collected by the agent shall be deemed to be received by the governmental authority or unit. Such a governmental authority or unit will not be barred
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Sponsored by: Rep. Barbara Comstock
Governor: Acts Of Assembly Chapter Text (chap0237) on 03/12/2013
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Virginia 2013 Regular Session
Financial institutions; checks required to show date account was opened. [HB-2157]
[Finance ]
[Consumer Protection ]
Financial institutions; checks. Repeals the requirement that checks and similar instruments of a financial institution located in the Commonwealth display the month and year in which the account was opened.
Sponsored by: Rep. Mark Keam
Governor: Acts Of Assembly Chapter Text (chap0030) on 02/20/2013
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Virginia 2013 Regular Session
Banks; derivative transactions. [HB-2104]
[Finance ]
[Consumer Protection ]
Banks; derivative transactions. Provides for the treatment of derivative transactions with regard to the requirement that the total obligations of any person to any bank shall at no time exceed 15 percent of the sum of the capital, surplus, and loan loss reserve of a bank. An "obligation" is defined in this measure as including any credit exposure to a person arising from a derivative transaction between the bank and the person. "Derivative transaction" is defined as including any transaction that is a contract, agreement, swap, warrant, note, or
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Sponsored by: Rep. Terry Kilgore
Governor: Acts Of Assembly Chapter Text (chap0126) on 03/06/2013
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Virginia 2013 Regular Session
Mortgages; retains its subordinate status. [HB-2006]
[Finance ]
[Real Estate ]
[Housing ]
[Consumer Protection ]
Subordinate mortgages. Provides that a subordinate mortgage retains its subordinate status upon the refinancing of the primary mortgage if the principal amount secured by the refinance mortgage does not exceed the greater of the outstanding principal balance of the prior mortgage plus $5,000 or the outstanding principal balance of the prior mortgage plus any accrued interest, fees, and prepayment penalty required to satisfy the prior mortgage. Under current law, the amount of the refinance mortgage cannot exceed the outstanding principal balance
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Sponsored by: Rep. David Toscano
Left In Courts Of Justice on 02/05/2013
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Virginia 2013 Regular Session
Open-end credit plan; establishes requirements for certain loans. [HB-1986]
[Finance ]
[Consumer Protection ]
[Insurance ]
Open-end credit plan loans. Establishes requirements for open-end credit plan loans, which are revolving loans made under an open-end credit or similar plan under which a finance charge is imposed only if the obligor fails to repay the loan in full prior to the next billing date, which must be at least 25 days after the date the agreement is entered into and at least 25 days after the prior billing date. Persons making open-end credit plan loans are required to be licensed by the State Corporation Commission and are required to post a bond or equivalent
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Sponsored by: Rep. Gordon Helsel
Left In Commerce And Labor on 02/05/2013
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Virginia 2013 Regular Session
Open-end credit plans; prohibits anyone other than seller of certain goods from extending credit. [HB-1977]
[Consumer Protection ]
[Finance ]
Open-end credit plans. Prohibits anyone other than the seller of goods to be used for personal, family, or household purposes from extending credit under an open-end plan at interest rates that exceed the legal rate of interest. To extend credit under such a plan, the loan must be for the sole purpose of financing the bona fide purchase price of such goods.
Sponsored by: Rep. David Yancey
Left In Commerce And Labor on 02/05/2013
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Virginia 2013 Regular Session
Investments; qualification for tax credits, clarifies meaning of funding portal, guidelines. [HB-1872]
[Investments ]
[Taxes ]
[Small Business ]
[Technology and Innovation ]
[Economic Development ]
[Funding ]
Online investments; eligible for state tax credits. Specifies that investments transacted via an online general solicitation, online broker, or a funding portal shall be eligible for state tax credits, so long as the investment otherwise meets all requirements for earning the particular tax credit.
Sponsored by: Sen. Jennifer McClellan
Governor: Acts Of Assembly Chapter Text (chap0289) on 03/13/2013
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Virginia 2013 Regular Session
State Corporation Commission; payments and dishonored payments. [HB-1817]
[Finance ]
[Consumer Protection ]
State Corporation Commission; payments and dishonored payments. Authorizes the State Corporation Commission to accept payment of any amount due by check, credit card, debit card, electronic funds transfer, or other means acceptable to it. The Commission is further authorized to add to any amount due a sum, not to exceed the amount charged to the Commission, for acceptance of any payment by a means that incurs a charge to the Commission. The measure directs that a penalty of the greater of $35 or the amount of any cost the Commission incurs shall
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Sponsored by: Rep. Johnny Joannou
Governor: Acts Of Assembly Chapter Text (chap0021) on 02/20/2013
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Virginia 2013 Regular Session
Condominium & Property Owners' Association Acts; disclosure of qualification for federal financing. [HB-1807]
[Real Estate ]
[Housing ]
[Consumer Protection ]
[Finance ]
Condominium and Property Owners' Association Acts; disclosure of qualification for federal financing. Requires the disclosure in the respective association disclosure packets for purchasers to include a statement indicating any known project approvals that have been issued by secondary mortgage market agencies and currently in effect.
Sponsored by: Rep. Jackson Miller
Governor: Acts Of Assembly Chapter Text (chap0492) on 03/18/2013
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Virginia 2013 Regular Session
Mortgage loan originators; conforms Virginia statutory law to federal regulations. [HB-1803]
[Finance ]
[Real Estate ]
[Housing ]
[Consumer Protection ]
Mortgage loan originators. Conforms Virginia statutory law to federal regulations implementing the Secure and Fair Enforcement for Mortgage Licensing Act. Changes include (i) expanding the definition of a mortgage loan originator to include an individual who represents to the public that he can or will take an application for, or offer or negotiate the terms of, a residential mortgage loan; (ii) clarifying that when an individual acts as a loan originator in financing the sale of his own residence, he is exempt from licensing requirements; (iii)
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Sponsored by: Rep. Daniel Marshall
Governor: Acts Of Assembly Chapter Text (chap0020) on 02/20/2013
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Virginia 2013 Regular Session
Banks; security deposits of governmental entities. [HB-1739]
[Finance ]
Banks; deposits of securities. Authorizes banks to deposit securities for the purpose of securing deposits of any other state where the bank has a branch office or any agency or political subdivision of such state. Under current law, banks may deposit securities to secure deposits by the Commonwealth and its agencies and political subdivisions.
Sponsored by: Rep. Donald Merricks
Governor: Acts Of Assembly Chapter Text (chap0205) on 03/12/2013
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Virginia 2013 Regular Session
Credit unions; limit on authorized investments in certain property, retained earnings. [HB-1686]
[Finance ]
[Real Estate ]
[Small Business ]
[Investments ]
Credit unions; retained earnings. Increases the maximum amount of a credit union's funds that may be invested in its real estate, office buildings, equipment, and furnishings, without the prior written authorization of the Commissioner of Financial Institutions. The measure sets the maximum amount of such investments at five percent of the total of members' share accounts and retained earnings. Currently, the cap is five percent of only such share accounts. Finally, the measure defines "retained earnings" as undivided earnings, regular reserve,
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Sponsored by: Rep. Jackson Miller
Governor: Acts Of Assembly Chapter Text (chap0016) on 02/20/2013
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Virginia 2013 Regular Session
Check cashers; customer identification, civil penalty. [HB-1678]
[Finance ]
[Crime ]
[Consumer Protection ]
[Public Safety ]
Check cashers; customer identification; civil penalty. Requires a person conducting business as a check casher to make a copy of each item cashed and either make a copy of the customer's valid identification document or obtain the customer's thumbprint. Records for each transaction are required to be retained for one year and made available to law-enforcement officials. A violation of these requirements is punishable by a civil penalty not to exceed $200.
Sponsored by: Rep. Riley Ingram
Left In Commerce And Labor on 02/05/2013