Cash advance Act; requires SCC to contract with more than one events to build up, 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 costs. Establishes a maximum interest that is annual for payday advances of 36 %. Recommendations when you look at the pay day loan Act to your charge which may be charged on such loans are revised to refer towards the interest that could be charged. See the Bill »


03/12/2008: Passed the General Assembly


Date Action
11/27/2007 Committee
11/27/2007 Prefiled and ordered printed; provided 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 time that is first browse second time
02/08/2008 Committee replacement decided to 080182668-H1
02/08/2008 Engrossed by home – 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 consented to 089577668-S1
03/04/2008 Passed by for your day
03/05/2008 study 3rd time
03/05/2008 Passed by for your day
03/06/2008 study 3rd time
03/06/2008 Passed by temporarily
03/06/2008 researching 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 put on Calendar
03/06/2008 Senate substitute with amendments decided 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 Signed by Speaker
04/11/2008 Governor’s recommendation gotten by home

Duplicate Bills

The bills that are following the same as that one: SB24 and SB670.


36% must be the interest limit for payday lenders in Virginia. Delegate Oder’s bill attracts a line into the sand for several residents prompting us to inquire of what exactly is an interest rate that is fair. Families are struggling in this era of economic depression with gasoline rates surging, home loan standard rates sky high, as well as the cost of food growing. The General Assembly of Virginia should cap rates of interest at 36%, which will be nevertheless 50% a lot more than Washington D.C.

Below can be an editorial through the Virginian Pilot

Now or never on payday lenders The Virginian-Pilot © 6, 2007 Last updated: 6:12 PM december

It’s going to be 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, because they did in 2007, they are going to give payday lenders another 12 months to become more entrenched when you look at the halls associated with the Capitol as well as in communities throughout the state.

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

Dig much deeper in to the data gathered by their state Bureau of banking institutions, therefore the peoples expense starts to emerge.

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

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

Hampton roadways has long had one of several greatest levels of payday loan providers within the state, but Northern Virginia communities have actually explanation to worry that they’ll quickly be swamped with brand 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 businesses are required to flee over the state line into Virginia, where state legislation enable interest levels of almost 400 %.

Vermont banned predatory lending year that is last while Maryland and western Virginia have not provided state approval for payday organizations.

Surrounded by states which have managed to get payday that is clear are not welcome, Virginia leaders has to take quick action to guard their constituents or they’ll keep the fault whenever 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 an interest that is maximum of 36%. That is crazy! Have you got any notion of exactly how many individuals will default on these kind loans, the expense and costs put into the loan that is originalin addition to interest) when they’re struggling to pay, etc. Exactly exactly How is it assisting us avoid a recession? Not merely should we bar pay day loans, we ought to ban vehicle 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 a start that is good.

Glenn Oder may be the guy. A stalwart within the motion against predatory financing.

Judy, inform your legislator just exactly how you’re feeling!

This is basically the stance that is moral state has to just simply just take to demonstrate that the legislature is short for all of the residents of y our state, including residents who will be vunerable simply because they reside paycheck to paycheck. Really 36% is simply too high but it is the banking standard and it is a BIG enhancement within the 390%+ that may be the payday industry standard now.

Predatory company models deserve no special exemption from Virginia State Law. They ought to need to operate beneath the Usury Cap of 36per cent outlined in the customer Finance laws for many other financing organizations.

They charge you 100% interest if you forget to pay your state income tax. Makes 36% appear downright reasonable.

We understand this in order to make certain pay check loan providers usually do not get deeper into the pouches for the less fortunate. I suppose they’ve their invest culture, but where, i really do perhaps maybe not understand. Perhaps at the bottom regarding the heap. Anyhow, i do believe pay day financing is just a big farce and allowing it to carry on could be a sign our lawmakers in Richmond are away from touch with all the individuals these were elected to serve. I assume this is certainly a lot to ask of y our representatives in Richmond which they remember whom place them here and they might be away from a work come the second elections.

It’s going to be a commentary that is sad the home & Senate when they don’t bring this case in check in Virginia. In the event that Feds stated our military WILL LIKELY NOT be subject to these terrible prices, then why would the typical Assembly state “Oh, its O.K., Virginians need someplace to have these short-term funds. “WRONG”; that is to think our Delegates and Senators are incredibly out-of-touch that they really genuinely believe that. Re-educate those least if you think banks don’t want to lend short-term funds among us, & send them to our Credit Unions. You can borrow at 8.75%. Visit 1st Advantage C.U. For more info if you join a C.U.

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