Tuesday update (01/15): Payday lending

Local, Payday lending, Politics, Virginia 2 Minutes

Weekly update of my legislative agenda issue.

Once again, not much to report except committee assignments. Nearly all of the bills are in the HC&L (House Commerce & Labor) committee or the SC&L (Senate Commerce & Labor) committee. The HC&L committee meets Tuesdays and Thursdays, 1/2 hour after adjournment, while the SC&L committee meets Mondays, 1/2 hour after adjournment. None of these bills appear on the dockets yet.

Cap bills:

  • HB12 -(Oder) – caps rate at 36%. In HC&L committee.
  • HB249 – (O’Bannon) – caps rate at 36% plus requires borrower to acknowledge in writing that s/he has received and read a copy of the latest SCC Consumer Guide to PaydayLending. In HC&L committee.
  • HB1377 – (Morrissey) – caps rate at 36%. In HC&L committee.
  • HB1404 – (D Jones) – caps rate at 36%. In HC&L committee.
  • SB24 – (Reynolds) – caps rate at 36%. In SC&L committee.
  • SB238 – (Locke) – caps rate at 36%. In SC&L committee.
  • SB279 – (J Miller) – caps rate at 36%. In SC&L committee.
  • SB670 – (McEachin) – caps rate at 36%. In SC&L committee.

Repeal bills:

  • HB730 – (McClellan) – repeal effective 7/1/2010. In HC&L committee.
  • SB25 – (Reynolds) – repeal effective 7/1/2008. In SC&L committee.
  • SB156 – (McEachin) – repeal effective 7/1/2010. In SC&L committee.
  • SB278 – (Locke) – repeal effective 1/1/2009. In SC&L committee.

Database bills (creation of database for lenders to query to see if borrower is eligible):

  • HB176 – (O Ware) – contract for database by 1/1/2009. Borrowers to pay fifty cents for query. In HC&L committee.
  • HB1103 – (Sickles) – contract for database by 1/1/2009. Also caps payday loans to lesser of 25% of borrower’s gross income or $1,000 ($500 if second loan) and other requirements (see link). In HC&L committee.
  • HB1351 – (L Ware) – contract for database by 7/1/2009. Lenders prohibited from making loan if it would cause borrower to have more than 2 loans outstandin and other requirements (see link). In HC&L committee.
  • SB588 – (Puckett) – contract for database by 7/1/2009. Borrowers to pay fifty cents for query. In SC&L committee.

Other:

  • HB189 – (Marshall) – allows localities to regulate. In HC&L committee.
  • HJ168 – (Sickles) -JLARC to study the industry. In House Rules committee.

UPDATE: The Daily Press has an interactive map that you can look at and locate the payday lenders in your area. And take a look at the tag cloud: Virginia Beach and Richmond seem to have the most locations, followed by Norfolk.

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9 thoughts on “Tuesday update (01/15): Payday lending”

  1. I can’t believe no one has commented on this, Vivian.

    I am right there with you, and of course, it is always instructive to look at who gets the payday lender’s dollars during election time.

    I don’t know for sure, but maybe even some of those who are proposing bills above.

    I’ll check and get back to you or write something up. Want to partner on some coverage of this?

  2. wow, that turned out spectacularly bad.

    Please edit, Vivian, if you want to. I am not sure how I edit my own comments on here.

    $6750 total, just for the 2007 cycle.

    I don’t think we will see him introducing any limiting legislation on these folks.

  3. Mark – I’d edit it if I knew how you wanted to display the data 😦 Sorry we don’t have a preview or edit function here at wordpress.

    I think I get your point, though.

    (Edit – I went ahead and deleted the comment since I couldn’t get it to format properly)

  4. CheckSmart Financial Co $1,500
    Ace Cash Express $1,000
    Anderson Financial Services/LoanMax $1,000
    Community Loans of America $1,000
    Consumer Lending Alliance Inc $1,000
    TitleMax $1,000
    409 Group $750
    B & L Management Inc $500
    Check into Cash of Va $500
    Extended Service Corp $500
    Tax Assistance Inc $150

    Was this what you were trying to show?

  5. 2007 data only (above is all):

    CheckSmart Financial Co $1,500
    Ace Cash Express $1,000
    Anderson Financial Services/LoanMax $1,000
    Community Loans of America $1,000
    TitleMax $1,000
    409 Group $500
    B & L Management Inc $500
    Check into Cash of Va $250

  6. Yes, sorry I messed it up. I think I tried to post a table in comments, probably not a wise thing to do… 😉

    But I am serious about partnering with you in terms of this payday lending coverage. We are working tonight on the complete payday lending breakdown of who gives and gets.

    It’s already entertaining, and I have only looked at three companies!

    Thanks again, Vivian. I’ll keep my tables out of your comment section lol.

  7. Those figures posted above are for Watkins Abbitt (I-Appomattox) only, and only 2007 cycle. Courtesy of VPAP. They do excellent work.

  8. The nanny state paternalism (maternalism?) that this issue inspires in people who should know better never ceases to amaze me. I fully support Watkins Abbitt, by the way. Would someone care to post similar donation figures for Sen. Dick Saslaw?

  9. Pingback: Tuesday update (01/22): Payday lending « VIVIAN J. PAIGE

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