Banking And Finance
Virginia 2012 Regular Session
Motor vehicle title loans, payday loans, and open-end credit plans; caps interest rate. [HB-725]
[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.
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Gettr Virginia 2012 Regular Session
Bank-owned real estate; repeals provision that limits period that banks may hold. [HB-708]
[Real Estate ]
[Finance ]
Bank-owned real estate. Repeals a provision that limits to 10 years the period that banks may hold real estate acquired in satisfaction of a debt previously contracted. The measure allows state banks to hold such property indefinitely without writing down the asset's value.
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Virginia 2012 Regular Session
Owner financing for real property; licensing. [HB-572]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
Owner financing for real property; licensing. Exempts persons who make loans or extend credit for any part of the purchase price of real property that the person owns from licensure requirements under the Nationwide Mortgage Licensing System and Registry. This bill is a recommendation of the Virginia Housing Commission.
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Virginia 2012 Regular Session
Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations. [HB-570]
[Finance ]
[Housing ]
[Real Estate ]
[Consumer Protection ]
[Nonprofit ]
Mortgage loan originators; bona fide nonprofit organizations. Exempts employees of bona fide nonprofit organizations from licensing and registration requirements applicable to mortgage loan originators. The State Corporation Commission is directed to prescribe, by regulation, procedures and criteria to be used to determine whether an organization is a bona fide nonprofit organization. In doing so, the Commission shall consider criteria adopted by the Consumer Financial Protection Bureau or other federal agency with rulemaking authority under the
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Virginia 2012 Regular Session
Virginia Housing Development Authority; mortgage credit certificates. [HB-558]
[Housing ]
[Finance ]
[Real Estate ]
Virginia Housing Development Authority; mortgage credit certificates. Permits the Virginia Housing Development Authority to use its bond authority to issue mortgage credit certificates. An emergency exists and this act is in force from its passage.
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Virginia 2012 Regular Session
Debt collection practices; penalty. [HB-443]
[Consumer Protection ]
[Finance ]
[Law Enforcement ]
Debt collection practices; penalty. Prohibits debt collectors from engaging in certain types of conduct when attempting to collect personal, family, and household debts, and requires debt collectors to comply with certain requirements when contacting a debtor, as is currently prohibited or required by the federal Fair Debt Collection Practices Act. A violation constitutes a prohibited practice under the Virginia Consumer Protection Act. Provisions currently requiring persons to comply with the federal Fair Debt Collection Practices Act are amended
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Virginia 2012 Regular Session
Safe deposit boxes; bank to permit limited access upon death of lessee. [HB-414]
[Finance ]
[Consumer Protection ]
Safe deposit boxes. Requires the bank or other entity renting a safe deposit box to permit limited access to the box by the spouse or next of kin of the deceased lessee of the box, a court clerk, or other interested person, to look for a will or other testamentary instrument. Currently, the lessor of the safe deposit box has the option of allowing entry for such purpose.
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Virginia 2012 Regular Session
Clerks of courts; increases fee when payment with dishonored check or credit card. [HB-387]
[Finance ]
[Consumer Protection ]
[Law Enforcement ]
[Public Safety ]
Fees collected by clerks; payment with dishonored check or credit card. Increases the fee for paying the clerk of court with a bad check or credit card from $20 to $50, which is the same penalty merchants may charge for the same.
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Virginia 2012 Regular Session
Check cashing fees; collection and dissemination of information. [HB-356]
[Finance ]
[Consumer Protection ]
Check cashing fee information. Directs the State Corporation Commission's Bureau of Financial Information to conduct periodic surveys of banks, savings institutions, credit unions, and persons required to be registered as check cashers. The surveys are to collect information regarding the practices and fees of these institutions relating to their cashing of checks, drafts, and money orders. The Bureau is required to compile the check cashing fee information in a chart, table, or similar format. The Bureau is further directed to post the information
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Virginia 2012 Regular Session
Bank franchise tax; apportionment. [HB-323]
[Finance ]
[Taxes ]
Bank franchise tax; apportionment. Provides that the bank franchise tax for banks operating in multiple states shall be apportioned according to the proportion of the bank's deposits held in the Commonwealth.
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Virginia 2012 Regular Session
Check cashers; practice for customer identification, civil penalty. [HB-315]
[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 the customer's valid identification document or thumbprint. Records for each transaction are required to be retained for a period of one year and to be made available to law-enforcement officials. A violation of these requirements is punishable by a civil penalty not to exceed $200.
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Virginia 2012 Regular Session
Credit unions; amendments to organizational documents. [HB-214]
[Finance ]
Credit unions; amendments to organizational documents. Clarifies the procedure for review by the Commissioner of Financial Institutions of proposed amendments to the articles of incorporation and bylaws of a credit union when the amendments would expand the credit union's field of membership.
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Virginia 2012 Regular Session
Trust institutions; entities authorized to engage in trust business in State includes out-of-state. [HB-1168]
[Finance ]
[Law Enforcement ]
Trust institutions. Provides that a federal savings bank, with or without an office or a branch in Virginia, may engage in a trust business in the Commonwealth if it is supervised and regulated by the federal Comptroller of the Currency and is authorized to serve in a fiduciary capacity pursuant to federal law. The measure also clarifies similar existing provisions regarding the authority of national banks to engage in a trust business.
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Virginia 2011 Regular Session
Development loan defaults; Bureau of Financial Institutions of SCC to review certain issues, report. [SJR-400]
[Finance ]
[Real Estate ]
[Housing ]
[Economic Development ]
Study; Bureau of Financial Institutions to study development loan defaults; report. Requests the Bureau of Financial Institutions of the State Corporation Commission to convene members of the financial services, homebuilding, and commercial development industries to (i) review whether loans on development projects are being called as a result of a reduction in the debt to value ratio or the debt to equity ratio, or both, with respect to the borrower's property; (ii) determine whether banks are being required or encouraged to call such loans under
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Virginia 2011 Regular Session
Housing Development Authority Act; terms and conditions of purchases, etc., to lenders of mortgages. [SB-985]
[Housing ]
[Real Estate ]
[Finance ]
Virginia Housing Development Authority Act; terms and conditions of purchases from and sales to mortgage lenders of mortgage loans. Removes requirement that a lender reinvest sales proceeds and make certification of prudent investment in the case of single family loans that when made by the lender will be purchased by a housing development authority. The bill has an emergency clause.
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Virginia 2011 Regular Session
Payday loans; permitted interest. [SB-933]
[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.
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Virginia 2011 Regular Session
Debt management plan providers; exempts licensed certified public accountants or firms. [SB-930]
[Finance ]
[Consumer Protection ]
Debt management plan providers; licensure; exemption. Provides that licensed certified public accountants and accounting firms engaging in usual and customary services performed on behalf of clients are not credit counselors, and thus are exempt from licensing requirements applicable to persons offering debt management plans.
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Virginia 2011 Regular Session
Open-end loan plans; caps finance charges. [SB-825]
[Finance ]
[Consumer Protection ]
Open-end loan plans; finance charges. Caps the finance charges and other charges and fees that may be charged on extension of credit under certain open-end credit plans at an annual rate of 36 percent if the maximum amount that may be advanced under the plan does not exceed $2,500. If the maximum amount that may be advanced exceeds $2,500, the lender may impose finance charges and other charges and fees at such rates and in such amounts as the parties may agree.
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Virginia 2011 Regular Session
Mortgage loan originator for residential mortgage loan; allows for exception under definition. [SB-786]
[Finance ]
[Housing ]
[Real Estate ]
[Consumer Protection ]
Definition of mortgage loan originator for residential mortgage loan; exception. Allows for a limited exception under the mortgage loan originator definition for an individual who is employed by a housing counseling organization certified or approved by the U.S. Department of Housing and Urban Development and who assists borrowers in default, or imminent default, on their residential mortgages by negotiating or offering terms of such loans but does not otherwise engage in activities for which a license is required. This bill is recommended by the
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Virginia 2011 Regular Session
Payday loans; permitted interest. [SB-752]
[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.