Banking And Finance
Virginia 2011 Regular Session
Motor vehicle title loans; caps interest rate. [SB-751]
[Finance ]
[Consumer Protection ]
[Transportation and Motor Vehicles ]
Motor vehicle title loans; interest rate. Caps the rate of interest that may be charged on a motor vehicle title loan at 36 percent per year. Currently, interest on such loans may not exceed 22 percent per month on the portion of the outstanding balance of the loan that does not exceed $700; 18 percent per month on the portion between $700 and $1,400; and 15 percent per month on the portion that exceeds $1,400.
Sponsored by: Sen. Mamie Locke
Senate: Failed To Report (defeated) In Commerce And Labor (4-y 10-n) on 01/17/2011
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Gettr Virginia 2011 Regular Session
Open-end credit plan loans; established, penalties. [SB-250]
[Finance ]
[Consumer Protection ]
[Crime ]
Open-end credit plan loans; penalties. Establishes requirements for open-end credit plan loans that track many of the provisions of the payday Loan Act. Currently, lenders and sellers making open-end loans are not required to be licensed and may charge interest at any rate agreed to by the borrower if the balance is not repaid in full within a 25-day grace period. Under this measure, the maximum amount of an open-end credit plan loan is $500. Interest may not exceed an annual rate of 36 percent, plus a loan fee of 20 percent of the initial advance
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Sponsored by: Sen. Roscoe Reynolds
Senate: Left In Commerce And Labor on 12/02/2010
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Virginia 2011 Regular Session
Motor vehicle title loans; loans to nonresidents. [SB-1367]
[Finance ]
[Transportation and Motor Vehicles ]
[Consumer Protection ]
Motor vehicle title loans; nonresidents. Eliminates provisions that prevent motor vehicle title lenders from making title loans to individuals whose motor vehicle is registered in another state. Currently, a title lender is required to have its security interest in the motor vehicle added to the vehicle's certificate of title by complying with the requirements of Virginia's motor vehicle laws. This measure will allow title loans to be made to nonresidents of Virginia provided the lender's security interest is added to its certificate of title by
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Sponsored by: Sen. Richard Saslaw
Governor: Acts Of Assembly Chapter Text (chap0418) on 03/23/2011
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Virginia 2011 Regular Session
Electronic transfer of funds; required approval to transfer into consumer deposit account. [SB-1304]
[Consumer Protection ]
[Finance ]
[Data Privacy ]
Electronic transfer of funds; required approval. Requires a financial institution to give a depositor two weeks notice prior to honoring instructions directing the financial institution to electronically transfer funds in the consumer deposit account if the instructions do not include or contain the signature of a party to the consumer deposit account consenting to or approving the transfer. If the depositor does not notify the financial institution that he has not authorized the transfer, the financial institution may honor the instructions. If
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Sponsored by: Sen. Frank Ruff
Senate: Stricken At Request Of Patron In Commerce And Labor (15-y 0-n) on 02/07/2011
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Virginia 2011 Regular Session
Real estate lending; creditworthiness of victims of Chinese drywall. [SB-1284]
[Real Estate ]
[Housing ]
[Consumer Protection ]
[Construction ]
[Finance ]
Real estate lending; creditworthiness of victims of Chinese drywall. Prohibits any bank, savings institution, credit union, or licensed mortgage lender from making a detrimental decision with regard to a real estate loan application that has been submitted by an individual on the basis of the individual's credit history if, and to the extent that, the individual's credit history has been detrimentally affected by financial loss resulting from the individual's ownership of a dwelling that was damaged as a result of the use of Chinese drywall in its
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Sponsored by: Sen. Jeffrey McWaters
Senate: Stricken At Request Of Patron In Commerce And Labor (14-y 0-n) on 01/31/2011
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Virginia 2011 Regular Session
Mortgage loan originators; prohibits SCC from issuing provisional licenses on or after July 1, 2011. [SB-1009]
[Finance ]
[Real Estate ]
[Consumer Protection ]
[Housing ]
Mortgage lenders, mortgage brokers, and mortgage loan originators. Prohibits the State Corporation Commission (SCC) from issuing provisional licenses to mortgage loan originators on or after July 1, 2011, and repeals the provision that authorized the SCC to issue such provisional licenses effective July 1, 2012. The measure authorizes the SCC to issue cease and desist orders with regard to mortgage loan originators that have violated requirements of applicable law. Finally, the measure requires applicants for a mortgage lender or mortgage broker
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Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0435) on 03/24/2011
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Virginia 2011 Regular Session
Alternative currency; subcommittee to study whether should adopt if breakdown of Federal Reserve. [HJR-557]
[Finance ]
[Technology and Innovation ]
[Economic Development ]
Study; adoption of an alternative currency; report. Establishes a joint subcommittee to study whether the Commonwealth should adopt a currency to serve as an alternative to the currency distributed by Federal Reserve System in the event of a major breakdown of the Federal Reserve System.
Sponsored by: Rep. Robert Marshall
House: Left In Rules on 02/08/2011
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Virginia 2011 Regular Session
Check cashers; customer identification required, penalty. [HB-958]
[Finance ]
[Crime ]
[Public Safety ]
[Consumer Protection ]
Check cashers; customer identification; penalty. Requires persons conducting business as check cashers to make copies of the item cashed and a valid identification document of the customer for every transaction. Records for each transaction are required to be retained for a period of one year and made available to law-enforcement officials. A violation of these requirements is a Class 1 misdemeanor.
Sponsored by: Rep. Riley Ingram
House: Left In Commerce And Labor on 12/03/2010
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Virginia 2011 Regular Session
Out-of-state trust institutions; any national bank to serve as trustee without office in State. [HB-2366]
[Finance ]
[Consumer Protection ]
Out-of-state trust institutions. Authorizes any national banking association that is supervised and regulated by the federal Comptroller of the Currency and is authorized by the Comptroller of the Currency to act as trustee, as executor, as administrator, or in another fiduciary capacity in the Commonwealth, to engage in the trust business in the Commonwealth. The measure codifies an opinion of the Attorney General that a statutory provision that bars out-of-state trust institutions without an office in the Commonwealth from engaging in trust business
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Sponsored by: Rep. Timothy Hugo
Governor: Acts Of Assembly Chapter Text (chap0067) on 03/14/2011
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Virginia 2011 Regular Session
Uniform Computer Information Transactions Act; identity credentials. [HB-2259]
[Technology and Innovation ]
[Consumer Protection ]
[Data Privacy ]
[Cybersecurity ]
[Law Enforcement ]
Uniform Computer Information Transactions Act; identity credentials. Provides for the liability or immunity of both providers and licensees of digital identity credentials in the provisioning, providing, and commercially reasonable reliance upon digital identity credentials. The bill also includes technical amendments.
Sponsored by: Rep. Joe May
House: Left In Science And Technology on 02/08/2011
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Virginia 2011 Regular Session
Open-end credit plans; prohibits anyone other than seller of certain goods from extending credit. [HB-2228]
[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. John O'Bannon
House: Left In Commerce And Labor on 02/08/2011
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Virginia 2011 Regular Session
Check cashers; copy of customer identification, civil penalty. [HB-2074]
[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.
Sponsored by: Rep. Riley Ingram
House: Left In Commerce And Labor on 02/08/2011
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Virginia 2011 Regular Session
Subordinate mortgage; increases maximum amount upon refinancing of primary mortgage. [HB-2061]
[Real Estate ]
[Finance ]
[Housing ]
Subordinate mortgage. Increases to $150,000 from $50,000 the maximum amount of a subordinate mortgage that retains its subordinate status upon the refinancing of the primary mortgage.
Sponsored by: Rep. Robert Bell
House: Incorporated By Courts Of Justice (hb1682-toscano) By Voice Vote on 01/31/2011
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Virginia 2011 Regular Session
Banks; capital stock. [HB-1992]
[Finance ]
[Small Business ]
Banks; capital stock. Exempts restricted stock award plans from the requirement that a bank's capital stock be paid in money. The measure also provides that a stock option shall not be granted at a price which is less than 100 percent of the fair market value per share of the stock; an existing provision limits such price to 100 percent of the stock's book value as shown by the bank's last published statement prior to the granting of the option.
Sponsored by: Rep. William Janis
Governor: Acts Of Assembly Chapter Text (chap0240) on 03/18/2011
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Virginia 2011 Regular Session
Sale by trustee; recordation of assignments. [HB-1921]
[Real Estate ]
Sale by trustee; recordation of assignments. Provides that the trustee under any deed of trust or mortgage entered into on or after July 1, 2011, shall not proceed with any sale of the property unless the land records of the locality in which the property is located contain a duly recorded assignment to the person who asserts that he is the holder of the obligation. If the deed of trust or mortgage has been assigned more than once, the trustee shall not proceed with any sale unless each assignment has been duly recorded.
Sponsored by: Rep. Robin Abbott
House: Left In Courts Of Justice on 02/08/2011
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Virginia 2011 Regular Session
VHDA Act; terms and conditions of purchases from and sales to lenders of mortgage loans. [HB-1887]
[Housing ]
[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. The bill is identical to
Sponsored by: Rep. David Bulova
Governor: Acts Of Assembly Chapter Text (chap0218) on 03/16/2011
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Virginia 2011 Regular Session
Virginia Housing Development Authority; loan servicing agreements. [HB-1826]
[Housing ]
[Finance ]
Virginia Housing Development Authority; loan servicing agreements. Authorizes the Virginia Housing Development Authority to make contracts and enter into agreements to act as the loan servicer to a housing lender for loans on properties located in or outside of the Commonwealth to persons and families of any income.
Sponsored by: Rep. G. Glenn Oder
Governor: Acts Of Assembly Chapter Text (chap0690) on 03/26/2011
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Virginia 2011 Regular Session
Subordinate mortgage; increases maximum amount upon refinancing of primary mortgage. [HB-1682]
[Finance ]
[Real Estate ]
[Housing ]
Subordinate mortgage. Increases to $150,000 from $50,000 the maximum amount of a subordinate mortgage that retains its subordinate status upon the refinancing of the primary mortgage. This bill incorporates
Sponsored by: Rep. Robert Bell
Governor: Acts Of Assembly Chapter Text (chap0077) on 03/14/2011
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Virginia 2011 Regular Session
Mortgage foreclosures; notices and reinstatement right. [HB-1665]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
Mortgage foreclosures; notices and reinstatement right. Requires certain institutional lenders that are the beneficiary of a first priority deed of trust securing a loan on residential real property that is the primary residence of the grantor, within two days after characterizing the loan as being in default, accelerating the balance due on the loan, or otherwise instituting collection proceedings on the loan as a result of the grantor's failure to make any payment due on the loan, to send written notice to the grantor informing the grantor (i)
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Sponsored by: Sen. Kenneth Alexander
House: Left In Courts Of Justice on 02/08/2011
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Virginia 2011 Regular Session
Virginia Transportation Infrastructure Bank; created. [HB-1582]
[Transportation and Motor Vehicles ]
[Infrastructure ]
[Budget and Spending ]
[Funding ]
[Grants ]
[Economic Development ]
Transportation funding; Virginia Transportation Infrastructure Bank. Creates the Virginia Transportation Infrastructure Bank (VTIB) as a special fund to provide loans and grants to public and private entities to fund transportation projects in the Commonwealth. The special fund shall consist of revenues generated through the privatization of the Commonwealth's ABC stores and revenues generated through a one-time drawing down of construction cash reserves by the Virginia Department of Transportation. VTIB is authorized to issue bonds in an amount
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Sponsored by: Sen. John Cosgrove
House: Subcommittee Recommends Incorporating (hb2527-howell, W.j.) By Voice Vote on 01/31/2011