Virginia HB 1296: Motor vehicle title loans, payday loans, consumer finance loans, etc.; interest rate.

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2020 SESSION

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20104998D

HOUSE BILL NO. 1296 

Offered January 8, 2020 

Prefiled January 8, 2020 

A BILL to amend and reenact �� 6.2-100, 6.2-312, 6.2-1520, 
 6.2-1816, 6.2-1817, 6.2-1818, 6.2-2216, 59.1-200, and 59.1-335.5 of the Code of 
 Virginia, relating to charges on payday loans, title loans, open-end credit 
 plans, and certain open-end credit plans. 
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Patron-- Helmer 

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Referred to Committee on Labor and Commerce 

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Be it enacted by the General Assembly of Virginia:

1. That �� 6.2-100, 6.2-312, 6.2-1520, 6.2-1816, 6.2-1817, 
 6.2-1818, 6.2-2216, 59.1-200, and 59.1-335.5 of the Code of Virginia are 
 amended and reenacted as follows:

� 6.2-100. Definitions.

As used in this title, unless the context otherwise requires:

"Bureau" means the Bureau of Financial Institutions, 
 a division of the Commission.

"Commission" means the State Corporation Commission.

"Commissioner" means the Commissioner of Financial 
 Institutions.

"Commission's Rules" means the rules of practice and 
 procedure prescribed by the Commission pursuant to � 12.1-25.

"Entity" means any corporation, partnership, 
 association, cooperative, limited liability company, trust, joint venture, 
 government, political subdivision, or other legal or commercial entity.

"Federal funds 
 rate" means the effective federal funds rate calculated by the Federal 
 Reserve Bank of New York as the volume-weighted median of overnight federal 
 funds transactions reported in the Federal Reserve 2420 
 Report of Selected Money Market Rates as published on the website of the 
 Federal Reserve Bank of New York for the prior business day.

"Finance charge" has the meaning assigned to it in 
 Consumer Financial Protection Bureau Regulation Z, 12 C.F.R. � 1026.4, as 
 amended.

"Financial institution" means any bank, trust 
 company, savings institution, industrial loan association, consumer finance 
 company, or credit union.

"Person" means any individual, corporation, 
 partnership, association, cooperative, limited liability company, trust, joint 
 venture, government, political subdivision, or other legal or commercial 
 entity.

� 6.2-312. Open-end credit plans.

A. Notwithstanding any provision of this chapter other than � 
 6.2-327, and except as provided in subsection subsections C and F, a seller or lender 
 engaged in extending credit under an open-end credit plan may impose, on credit 
 extended under the plan, finance charges and other 
 charges and fees interest 
 at such rates and in such amounts and manner as may be agreed upon by the 
 creditor and the obligor, if under the plan a finance 
 charge interest 
 is imposed upon the obligor if payment in full of the unpaid balance is not 
 received at the place designated by the creditor prior to the next billing 
 date, which shall be at least 25 days later than the prior billing date. 

B. Notwithstanding the provisions of � 6.2-327 and s