On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate is expected to also pass the bill.

The bill amends Virginia’s general usury law and Consumer Finance Act and includes the following key provisions:

  • References to “payday loans” are changed to refer to “short-term loans” with the maximum amount of such loans increased from $500 to $2,500. 
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