VirginiaSB7592025 Regular SessionSenate

Contracts assigning rights to earned wages; legal rate of interest.

Sponsored By: Mamie E. Locke (Democratic)

Failed

Summary

Contracts assigning rights to earned wages; legal rate of interest. Provides that any contract entered into on or after July 1, 2025, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive earned wages, salary, commissions, or other compensation for services shall be considered a loan and that any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Mamie E. Locke

    Democratic • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 15 • No: 0

Senate vote • 1/27/2025

Stricken at request of Patron in Commerce and Labor

Yes: 15 • No: 0

Actions Timeline

  1. Stricken at request of Patron in Commerce and Labor (15-Y 0-N)

    1/27/2025Senate
  2. Fiscal Impact Statement from State Corporation Commission (SB759)

    1/16/2025Senate
  3. Referred to Committee on Commerce and Labor

    12/10/2024Senate
  4. Prefiled and ordered printed; Offered 01-08-2025 25101242D

    12/10/2024Senate

Bill Text

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