VA SB 432
Status unknownFinancial institutions; loans and legal rate of interest.
Virginia · 2026 Regular Session · upper
Quick answers
Did VA SB 432 pass?
The current status of VA SB 432 is not known from the official record. Latest recorded action (2026-01-26): Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
What is VA SB 432 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 SB 432?
Lamont Bagby is the primary sponsor of VA SB 432.
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
- 2026-01-26 — Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
- Bill type
- bill
- Last updated
- —
Sponsors
- Lamont Bagbyprimary
Committees
Not provided by source.
Action timeline
2026-01-13
Prefiled and ordered printed; Offered 01-14-2026 26100591D
filing,introduction
2026-01-13
Referred to Committee on Commerce and Labor
referral-committee
2026-01-25
Fiscal Impact Statement from State Corporation Commission (SB432)
2026-01-26
Stricken at request of Patron in Commerce and Labor (14-Y 0-N)
Versions
Documents
Votes
Stricken at request of Patron in Commerce and Labor
2026-01-26 · pass · 14-0
Member-level votes (15)
- R. Creigh Deeds: yes
- Mark D. Obenshain: yes
- L. Louise Lucas: yes
- David W. Marsden: yes
- Adam P. Ebbin: yes
- Scott A. Surovell: not voting
- William M. Stanley, Jr.: yes
- Ryan T. McDougle: yes
- Mamie E. Locke: yes
- Bryce E. Reeves: yes
- Bill DeSteph: yes
- Jeremy S. McPike: yes
- Mark J. Peake: yes
- Aaron R. Rouse: yes
- Lamont Bagby: yes
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:35:59.552682Z
Inspect retained evidence for changes recorded after evidence tracking began:
Use this data
Every field on this page is available from the free public API — no key or licence required. Fetch this bill as JSON: GET /api/v1/bills?jurisdiction=VA&identifier=SB 432. See the API docs or the MCP server for AI assistants.
Known limitations
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- Committee referrals are not yet captured.
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