Fabio
8.3 KiB
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 | |||||
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| Bill | Financial institutions; sales-based financing providers. | Financial institutions; sales-based financing providers. Requires a provider of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission and, unless such provider is organized under the laws of Virginia, to obtain a certificate of authority to transact business in the Commonwealth. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in the jurisdiction where the recipient's principal place of business is located and any forum for any arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. Any provision in the contract or agreement mandating that such action be brought outside such jurisdiction shall be unenforceable.The bill requires the Commission to adopt regulations to implement the provisions of the bill and provides that if the Commission determines that a person is in violation of or has violated the disclosure provisions, the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations. | us/states/va | Virginia General Assembly | 2022 | HB 1027 | Virginia HB 1027 (2022) |
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enacted |
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5 | 39 | 8 | 2022-01-12 | 2022-04-11 | openstates | ocd-bill/687f032c-76e7-4edf-aa88-4b2bbc6a1143 | https://lis.virginia.gov/cgi-bin/legp604.exe?221+sum+HB1027 | f29d40682c6b9c4e02216e9dd1648587257634b0833f777224f710fed7e0896b | 2026-07-01 | https://data.openstates.org/daily/2026-07-01/public.pgdump | 2026-07-06 | reported |
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Virginia HB 1027 (2022) — Financial institutions; sales-based financing providers.
Financial institutions; sales-based financing providers. Requires a provider of sales-based financing to register with the State Corporation Commission (the Commission) in accordance with procedures established by the Commission and, unless such provider is organized under the laws of Virginia, to obtain a certificate of authority to transact business in the Commonwealth. The bill requires a sales-based financing provider to provide certain disclosures to a recipient at the time of extending a specific offer of sales-based financing. The bill requires that any cause of action arising under a contract or agreement for sales-based financing shall be brought in the jurisdiction where the recipient's principal place of business is located and any forum for any arbitration proceedings required in such a contract or agreement are held in the jurisdiction where the recipient's principal place of business is located. The bill requires the provider to pay any arbitrators' expenses or fees or any other expenses or administrative fees incurred in the conduct of the arbitration proceedings. Any provision in the contract or agreement mandating that such action be brought outside such jurisdiction shall be unenforceable.The bill requires the Commission to adopt regulations to implement the provisions of the bill and provides that if the Commission determines that a person is in violation of or has violated the disclosure provisions, the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations.
Version chain
The bill's text revisions, in order — the diff chain from filing to enrollment.
- CHAP0516 (committee substitute) — source
- Committee substitute printed 22106315D-H1 (committee substitute) — source
- HB1027EH1 (committee substitute) — source
- HB1027ER (committee substitute) — source
- Prefiled and ordered printed; offered 01/12/22 22104226D (committee substitute) — source
Votes
- VOTE: Block Vote Passage (99-Y 0-N) — 98–0 (pass) · lower
- Subcommittee recommends reporting with substitute (9-Y 1-N) — 9–1 (pass) · lower
- Subcommittee recommends reporting with substitute (10-Y 0-N) — 10–0 (pass) · lower
- Reported from Commerce and Labor with amendments (15-Y 0-N) — 15–0 (pass) · upper
- Reported from Commerce and Energy with substitute (22-Y 0-N) — 22–0 (pass) · lower
- Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
- Passed Senate with amendments (39-Y 0-N) — 39–0 (pass) · upper
- VOTE: Adoption (95-Y 0-N) — 94–0 (pass) · lower
Sponsors
- Kathy K.L. Tran — primary (person)
Timeline
The legislative action history — every referral, reading, and vote.
- 2022-01-12 Prefiled and ordered printed; offered 01/12/22 22104226D
introduction - 2022-01-12 Referred to Committee on Commerce and Energy
referral-committee - 2022-01-24 Impact statement from SCC (HB1027)
- 2022-01-25 Assigned sub: Subcommittee #2
referral-committee - 2022-01-27 Subcommittee recommends reporting with substitute (10-Y 0-N)
- 2022-02-03 House subcommittee amendments and substitutes offered
- 2022-02-03 Subcommittee recommends reporting with substitute (9-Y 1-N)
- 2022-02-08 House committee, floor amendments and substitutes offered
- 2022-02-08 Reported from Commerce and Energy with substitute (22-Y 0-N)
committee-passage - 2022-02-08 Committee substitute printed 22106315D-H1
substitution - 2022-02-10 Read first time
reading-1 - 2022-02-11 House committee, floor amendments and substitutes offered
- 2022-02-11 Read second time
reading-2 - 2022-02-11 Committee substitute agreed to 22106315D-H1
- 2022-02-11 Amendment by Delegate Tran agreed to
amendment-passage - 2022-02-11 Engrossed by House - committee substitute with amendment HB1027EH1
- 2022-02-11 Printed as engrossed 22106315D-EH1
- 2022-02-14 Read third time and passed House BLOCK VOTE (99-Y 0-N)
passage, reading-3 - 2022-02-14 VOTE: Block Vote Passage (99-Y 0-N)
- 2022-02-15 Impact statement from SCC (HB1027EH1)
- 2022-02-16 Constitutional reading dispensed
- 2022-02-16 Referred to Committee on Commerce and Labor
referral-committee - 2022-02-28 Senate committee, floor amendments and substitutes offered
- 2022-02-28 Reported from Commerce and Labor with amendments (15-Y 0-N)
committee-passage - 2022-03-02 Constitutional reading dispensed (40-Y 0-N)
- 2022-03-03 Read third time
reading-3 - 2022-03-03 Reading of amendments waived
- 2022-03-03 Committee amendments agreed to
- 2022-03-03 Engrossed by Senate as amended
- 2022-03-03 Passed Senate with amendments (39-Y 0-N)
passage - 2022-03-07 Senate amendments agreed to by House (95-Y 0-N)
- 2022-03-07 VOTE: Adoption (95-Y 0-N)
- 2022-03-10 Enrolled
- 2022-03-10 Impact statement from SCC (HB1027ER)
- 2022-03-10 Signed by Speaker
- 2022-03-10 Signed by President
- 2022-03-22 Enrolled Bill communicated to Governor on March 22, 2022
- 2022-03-22 Governor's Action Deadline 11:59 p.m., April 11, 2022
- 2022-04-11 Approved by Governor-Chapter 516 (effective 7/1/22)
executive-signature
Source
OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/687f032c-76e7-4edf-aa88-4b2bbc6a1143. Confidence: reported (aggregated from official Virginia legislature records).