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republic-os/legislation/us/states/va/2020/sb-421.md
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Fabio 5a13be122b Legislation: batch E — CA TN VA VT WA WI WV WY 
Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 17:28:36 -04:00

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type, title, description, jurisdiction, legislature, session, identifier, citation, classification, subjects, status, primary_sponsors, version_count, action_count, vote_count, first_action, last_action, source, source_identifier, source_url, source_hash, vintage, source_snapshot, retrieved_at, confidence, tags
type title description jurisdiction legislature session identifier citation classification subjects status primary_sponsors version_count action_count vote_count first_action last_action source source_identifier source_url source_hash vintage source_snapshot retrieved_at confidence tags
Bill Consumer lending; replaces references to payday loans with term 'short-term loans.' Consumer lending. Replaces references to payday loans with the term "short-term loans." The measure caps the interest and fees that may be charged under a short-term loan at an annual rate of 36 percent, plus a maintenance fee; increases the maximum amount of such loans from $500 to $2,500; and sets the duration of such loans at a minimum of four months, subject to exceptions, and a maximum of 24 months. Short-term loan licensees are required to make a reasonable attempt to verify a borrower's income and may not collect fees and charges that exceed 50 percent of the original loan amount if such amount is equal to or less than $1,500 and 60 percent of the original loan amount if such amount is greater than $1,500. The measure amends the requirements for motor vehicle title loans, including requiring licensed lenders to use a database to determine a prospective borrower's eligibility for a loan and prohibiting loans to a borrower who has an outstanding short-term loan. The measure sets a 36-percent annual interest rate cap on open-end credit plans and allows a $50 annual participation fee. A violation of these provisions is made a prohibited practice under the Virginia Consumer Protection Act. The measure amends provisions of the Consumer Finance Act to, among other things, allow licensed lenders to use the services of access partners and establish requirements that loans be between $300 and $35,000; be repayable in substantially equal installment payments; have a term of no fewer than six and no more than 120 months; charge not more than 36 percent annual interest and a loan processing fee; and require licensees to post a bond. The measure prohibits credit service businesses from advertising, offering, or performing other services in connection with an extension of credit that has an annual interest rate exceeding 36 percent, is for less than $5,000, has a term of less than one year, or is provided under an open-end credit plan. The bill has a delayed effective date of January 1, 2021, and requires any person who would be required to be licensed under the provisions of the act to apply for a license by October 1, 2020. This bill is identical to HB 789. us/states/va Virginia General Assembly 2020 SB 421 Virginia SB 421 (2020)
bill
enacted
Mamie E. Locke
6 54 15 2020-01-07 2020-04-22 openstates ocd-bill/8cc525e5-42d6-40b1-987f-69f3ac2cea80 https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB421 9d2318121afce80b16e7dd733b8a530408c2a155b128ab2e59ea20bab8a67692 2026-07-01 https://data.openstates.org/daily/2026-07-01/public.pgdump 2026-07-06 reported
legislation
bill
us-va

Virginia SB 421 (2020) — Consumer lending; replaces references to payday loans with term 'short-term loans.'

Consumer lending. Replaces references to payday loans with the term "short-term loans." The measure caps the interest and fees that may be charged under a short-term loan at an annual rate of 36 percent, plus a maintenance fee; increases the maximum amount of such loans from $500 to $2,500; and sets the duration of such loans at a minimum of four months, subject to exceptions, and a maximum of 24 months. Short-term loan licensees are required to make a reasonable attempt to verify a borrower's income and may not collect fees and charges that exceed 50 percent of the original loan amount if such amount is equal to or less than $1,500 and 60 percent of the original loan amount if such amount is greater than $1,500. The measure amends the requirements for motor vehicle title loans, including requiring licensed lenders to use a database to determine a prospective borrower's eligibility for a loan and prohibiting loans to a borrower who has an outstanding short-term loan. The measure sets a 36-percent annual interest rate cap on open-end credit plans and allows a $50 annual participation fee. A violation of these provisions is made a prohibited practice under the Virginia Consumer Protection Act. The measure amends provisions of the Consumer Finance Act to, among other things, allow licensed lenders to use the services of access partners and establish requirements that loans be between $300 and $35,000; be repayable in substantially equal installment payments; have a term of no fewer than six and no more than 120 months; charge not more than 36 percent annual interest and a loan processing fee; and require licensees to post a bond. The measure prohibits credit service businesses from advertising, offering, or performing other services in connection with an extension of credit that has an annual interest rate exceeding 36 percent, is for less than $5,000, has a term of less than one year, or is provided under an open-end credit plan. The bill has a delayed effective date of January 1, 2021, and requires any person who would be required to be licensed under the provisions of the act to apply for a license by October 1, 2020. This bill is identical to HB 789.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

  1. Acts of Assembly Chapter text (CHAP1258) (committee substitute) — source
  2. Bill text as passed Senate and House (SB421ER) (committee substitute) — source
  3. Engrossed by Senate - committee substitute with amendments SB421ES1 (committee substitute) — source
  4. Impact statement from DPB (SB421) (committee substitute) — source
  5. Impact statement from DPB (SB421S1) (committee substitute) — source
  6. Reenrolled bill text (SB421ER2) (committee substitute) — source

Votes

  • Amendment by Senator Norment rejected (18-Y 21-N) — 18–21 (fail) · upper
  • Reported from Commerce and Labor with substitute (11-Y 4-N) — 11–4 (pass) · upper
  • Engrossment reconsidered by Senate (39-Y 0-N) — 39–0 (pass) · upper
  • Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
  • Constitutional reading dispensed (39-Y 0-N) — 39–0 (pass) · upper
  • VOTE: (52-Y 33-N) — 51–33 (pass) · lower
  • Reported from Finance and Appropriations with amendments (11-Y 5-N) — 11–5 (pass) · upper
  • VOTE: Passage (61-Y 36-N) — 60–36 (pass) · lower
  • Reported from Labor and Commerce (13-Y 8-N) — 13–8 (pass) · lower
  • Reconsideration of Governor's recommendation agreed to (37-Y 0-N) — 37–0 (pass) · upper
  • Senate concurred in Governor's recommendation (21-Y 18-N) — 21–18 (pass) · upper
  • Senate rejected Governor's recommendation (19-Y 21-N) — 19–21 (fail) · upper
  • Passed Senate (23-Y 16-N) — 23–16 (pass) · upper
  • Senate concurred in Governor's recommendation (22-Y 18-N) — 22–18 (pass) · upper
  • Reconsideration of Governor's recommendation agreed to (40-Y 0-N) — 40–0 (pass) · upper

Sponsors

  • Mamie E. Locke — primary (person)
  • Barbara A. Favola — cosponsor (person)
  • Jennifer B. Boysko — cosponsor (person)
  • Jennifer L. McClellan — cosponsor (person)
  • Jeremy S. McPike — cosponsor (person)
  • Jill Holtzman Vogel — cosponsor (person)
  • John A. Cosgrove, Jr. — cosponsor (person)
  • John J. Bell — cosponsor (person)
  • Joseph D. Morrissey — cosponsor (person)
  • L. Louise Lucas — cosponsor (person)
  • Lionell Spruill, Sr. — cosponsor (person)
  • Sam Rasoul — cosponsor (person)
  • Scott A. Surovell — cosponsor (person)

Timeline

The legislative action history — every referral, reading, and vote.

  • 2020-01-07 Prefiled and ordered printed; offered 01/08/20 20104657D introduction
  • 2020-01-07 Referred to Committee on Commerce and Labor referral-committee
  • 2020-01-24 Impact statement from DPB (SB421)
  • 2020-01-27 Reported from Commerce and Labor with substitute (11-Y 4-N) committee-passage
  • 2020-01-27 Incorporates SB37 (Surovell)
  • 2020-01-27 Incorporates SB38 (Surovell)
  • 2020-01-27 Committee substitute printed 20106645D-S1 substitution
  • 2020-01-27 Rereferred to Finance and Appropriations referral-committee
  • 2020-02-03 Impact statement from DPB (SB421S1)
  • 2020-02-04 Reported from Finance and Appropriations with amendments (11-Y 5-N) committee-passage
  • 2020-02-05 Constitutional reading dispensed (40-Y 0-N)
  • 2020-02-06 Read second time reading-2
  • 2020-02-06 Reading of substitute waived
  • 2020-02-06 Committee substitute agreed to 20106645D-S1
  • 2020-02-06 Reading of amendments waived
  • 2020-02-06 Committee amendments agreed to
  • 2020-02-06 Engrossed by Senate - committee substitute with amendments SB421ES1
  • 2020-02-06 Printed as engrossed 20106645D-ES1
  • 2020-02-07 Passed by for the day
  • 2020-02-10 Impact statement from DPB (SB421ES1)
  • 2020-02-10 Engrossment reconsidered by Senate (39-Y 0-N)
  • 2020-02-10 Reading of amendment waived
  • 2020-02-10 Amendment by Senator Norment rejected (18-Y 21-N) amendment-failure
  • 2020-02-10 Reengrossed by Senate as amended SB421ES1
  • 2020-02-10 Constitutional reading dispensed (39-Y 0-N)
  • 2020-02-10 Passed Senate (23-Y 16-N) passage
  • 2020-02-13 Placed on Calendar
  • 2020-02-13 Read first time reading-1
  • 2020-02-13 Referred to Committee on Labor and Commerce referral-committee
  • 2020-02-18 Reported from Labor and Commerce (13-Y 8-N) committee-passage
  • 2020-02-20 Read second time reading-2
  • 2020-02-21 Passed by for the day
  • 2020-02-21 Motion to reconsider pass by for the day agreed to
  • 2020-02-21 Read third time reading-3
  • 2020-02-21 Passed House (61-Y 36-N) passage
  • 2020-02-21 VOTE: Passage (61-Y 36-N)
  • 2020-03-07 Enrolled
  • 2020-03-09 Impact statement from DPB (SB421ER)
  • 2020-03-12 Enrolled Bill Communicated to Governor on March 12, 2020
  • 2020-03-12 Governor's Action Deadline 11:59 p.m., April 11, 2020
  • 2020-04-11 Governor's recommendation received by Senate
  • 2020-04-22 Senate concurred in Governor's recommendation (21-Y 18-N)
  • 2020-04-22 Reconsideration of Governor's recommendation agreed to (40-Y 0-N)
  • 2020-04-22 Senate rejected Governor's recommendation (19-Y 21-N)
  • 2020-04-22 Reconsideration of Governor's recommendation agreed to (37-Y 0-N)
  • 2020-04-22 Senate concurred in Governor's recommendation (22-Y 18-N)
  • 2020-04-22 House concurred in Governor's recommendation (52-Y 33-N)
  • 2020-04-22 VOTE: (52-Y 33-N)
  • 2020-04-22 Governor's recommendation adopted
  • 2020-04-22 Reenrolled
  • 2020-04-22 Reenrolled bill text (SB421ER2)
  • 2020-04-22 Signed by President as reenrolled
  • 2020-04-22 Signed by Speaker as reenrolled
  • 2020-04-22 Enacted, Chapter 1258 (effective - see bill) became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/8cc525e5-42d6-40b1-987f-69f3ac2cea80. Confidence: reported (aggregated from official Virginia legislature records).

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