VirginiaSB12522025 Regular SessionSenate

Financial institutions; loans and legal rate of interest.

Sponsored By: Lamont Bagby (Democratic)

To Governor

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Lamont Bagby

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 255 • No: 83

Senate vote • 2/19/2025

Reconsideration of

Yes: 40 • No: 0

Senate vote • 2/19/2025

House amendment agreed to by Senate

Yes: 29 • No: 10 • Other: 1

Senate vote • 2/19/2025

House Amendment agreed to by Senate

Yes: 39 • No: 1

House vote • 2/18/2025

Passed House with amendment

Yes: 50 • No: 47

House vote • 2/13/2025

Reported from Labor and Commerce with amendment(s)

Yes: 12 • No: 10

House vote • 2/11/2025

Subcommittee recommends reporting with amendment(s)

Yes: 4 • No: 3 • Other: 1

Senate vote • 2/3/2025

Read third time and passed Senate

Yes: 34 • No: 6

Senate vote • 1/29/2025

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 38 • No: 0

Senate vote • 1/27/2025

Reported from Commerce and Labor with substitute

Yes: 9 • No: 6

Actions Timeline

  1. Senate sustained Governor's veto

    4/2/2025Senate
  2. Passed by for the day

    4/2/2025Senate
  3. Vetoed by Governor

    3/24/2025Governor
  4. Governor's Action Deadline 11:59 p.m., March 24, 2025

    3/11/2025Governor
  5. Enrolled Bill Communicated to Governor on March 11, 2025

    3/11/2025Senate
  6. Signed by President

    3/10/2025Senate
  7. Bill text as passed Senate and House (SB1252ER)

    3/7/2025Senate
  8. Enrolled

    3/7/2025Senate
  9. Signed by Speaker

    3/7/2025House
  10. House amendment agreed to by Senate (29-Y 10-N 1-A)

    2/19/2025Senate
  11. Reconsideration of (40-Y 0-N)

    2/19/2025Senate
  12. House Amendment agreed to by Senate (39-Y 1-N)

    2/19/2025Senate
  13. Passed House with amendment (50-Y 47-N)

    2/18/2025House
  14. Engrossed by House as amended

    2/18/2025House
  15. Labor and Commerce Amendment agreed to

    2/18/2025House
  16. Read third time

    2/18/2025House
  17. Read second time

    2/17/2025House
  18. Reported from Labor and Commerce with amendment(s) (12-Y 10-N)

    2/13/2025House
  19. Subcommittee recommends reporting with amendment(s) (4-Y 3-N)

    2/11/2025House
  20. Assigned L & C sub: Subcommittee #1

    2/6/2025House
  21. Referred to Committee on Labor and Commerce

    2/6/2025House
  22. Read first time

    2/6/2025House
  23. Placed on Calendar

    2/6/2025House
  24. Read third time and passed Senate (34-Y 6-N)

    2/3/2025Senate
  25. Fiscal Impact Statement from State Corporation Commission (SB1252)

    2/2/2025Senate

Bill Text

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