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Financial institutions; loans and legal rate of interest. Provides that for the purposes of provisions governing usury and the legal rate of interest, "make" or "making," when used in reference to a loan, means advancing, offering to advance, or making a commitment to advance funds to a borrower for a loan. The bill provides that the prohibition against a contract for the payment of interest on a loan at a rate that exceeds 12 percent per year applies to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including (i) making loans disguised as personal property sale and leaseback transactions; (ii) disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; and (iii) making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than permitted through any method, including mail, telephone, Internet, or any electronic means, regardless of whether the person has a physical location in the state.
Introduced
Jan 8, 2025
Last Action
Apr 2, 2025
Session
VA 2025
Sponsors
1 primary · 1 co
Senate sustained Governor's veto
Passed by for the day
Vetoed by Governor
Governor's Action Deadline 11:59 p.m., March 24, 2025
Enrolled Bill Communicated to Governor on March 11, 2025
Signed by President
Bill text as passed Senate and House (SB1252ER)
Signed by Speaker
Enrolled
Reconsideration of (40-Y 0-N)
House amendment agreed to by Senate (29-Y 10-N 1-A)
House Amendment agreed to by Senate (39-Y 1-N)
Labor and Commerce Amendment agreed to
Passed House with amendment (50-Y 47-N)
Engrossed by House as amended
Read third time
Read second time
Reported from Labor and Commerce with amendment(s) (12-Y 10-N)
Subcommittee recommends reporting with amendment(s) (4-Y 3-N)
Read first time
Assigned L & C sub: Subcommittee #1
Referred to Committee on Labor and Commerce
Placed on Calendar
Read third time and passed Senate (34-Y 6-N)
Fiscal Impact Statement from State Corporation Commission (SB1252)
Passed by for the day
Reading of substitute waived
Engrossed by Senate - committee substitute
Commerce and Labor Substitute agreed to
Read second time
Constitutional reading dispensed (on 1st reading) (38-Y 0-N)
Passed by for the day
Rules suspended
Committee substitute printed 25106093D-S1
Reported from Commerce and Labor with substitute (9-Y 6-N)
Referred to Committee on Commerce and Labor
Prefiled and ordered printed; Offered 01-08-2025 25102986D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Senate sustained Governor's veto
Angelia Williams Graves