Bill Commons

VA HB 827

Status unknown

Financial institutions; loans and legal rate of interest.

Virginia · 2026 Regular Session · lower

Quick answers

Did VA HB 827 pass?

The current status of VA HB 827 is not known from the official record. Latest recorded action (2026-01-27): Stricken from docket by Labor and Commerce (22-Y 0-N)

What is VA HB 827 about?

Financial institutions; loans and legal rate of interest. Provides that for the purposes of provisions governing usury and the legal rate of interest, "making," when used in reference to a loan, means advancing, offering to advance, or making a commitment to advance funds to a borrower for a loan. The bill provides that the prohibition against a contract for the payment of interest on a loan at a rate that exceeds 12 percent per year applies to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including (i) making loans disguised as personal property sale and leaseback transactions; (ii) disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; and (iii) making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than permitted through any method, including mail, telephone, internet, or any electronic means, regardless of whether the person has a physical location in the Commonwealth.

Who sponsors VA HB 827?

Richard C. "Rip" Sullivan, Jr. is the primary sponsor of VA HB 827.

Description

Financial institutions; loans and legal rate of interest. Provides that for the purposes of provisions governing usury and the legal rate of interest, "making," when used in reference to a loan, means advancing, offering to advance, or making a commitment to advance funds to a borrower for a loan. The bill provides that the prohibition against a contract for the payment of interest on a loan at a rate that exceeds 12 percent per year applies to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever, including (i) making loans disguised as personal property sale and leaseback transactions; (ii) disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services; and (iii) making, offering, assisting, or arranging a debtor to obtain a loan with a greater rate of interest, consideration, or charge than permitted through any method, including mail, telephone, internet, or any electronic means, regardless of whether the person has a physical location in the Commonwealth.

Introduced
2026-01-13
Latest action
2026-01-27 — Stricken from docket by Labor and Commerce (22-Y 0-N)
Bill type
bill
Last updated
—

Sponsors

  • Richard C. "Rip" Sullivan, Jr.primary

Committees

Not provided by source.

Action timeline

  1. 2026-01-13

    Prefiled and ordered printed; Offered 01-14-2026 26101264D

    filing,introduction

  2. 2026-01-13

    Referred to Committee on Labor and Commerce

    referral-committee

  3. 2026-01-25

    Fiscal Impact Statement from State Corporation Commission (HB827)

  4. 2026-01-27

    Stricken from docket by Labor and Commerce (22-Y 0-N)

Versions

Documents

Votes

  • Stricken from docket by Labor and Commerce

    2026-01-27 · pass · 22-0

    Member-level votes (22)
    • Jeion A. Ward: yes
    • Richard C. "Rip" Sullivan, Jr.: yes
    • Alfonso H. Lopez: yes
    • Kelly K. Convirs-Fowler: yes
    • Dan I. Helmer: yes
    • Michelle Lopes Maldonado: yes
    • Irene Shin: yes
    • Destiny LeVere Bolling: yes
    • Michael B. Feggans: yes
    • Nadarius E. Clark: yes
    • Rae Cousins: yes
    • Bonita G. Anthony: yes
    • Laura Jane Cohen: yes
    • JJ Singh: yes
    • May Nivar: yes
    • Terry G. Kilgore: yes
    • Israel D. O'Quinn: yes
    • Michael J. Webert: yes
    • Tony O. Wilt: yes
    • Chris S. Runion: yes
    • Jason S. Ballard: yes
    • Wren M. Williams: yes

Related bills

No related bills recorded for this bill.

Official source

https://lis.virginia.gov/bill-details/20261/HB827

Attribution

Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z

Inspect retained evidence for changes recorded after evidence tracking began:

Source and document changesStatus and relationship changes

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