Bill Commons

VA SB 478

in committee

Financial institutions; loans and legal rate of interest.

Virginia · 2026 Regular Session · upper

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
Status date
—
Latest action
2026-01-26 — Stricken at request of Patron in Commerce and Labor (13-Y 0-N)
Bill type
bill
Last updated
—

Sponsors

  • David W. Marsdenprimary

Committees

Not provided by source.

Action timeline

  1. 2026-01-13

    Prefiled and ordered printed; Offered 01-14-2026 26103737D

    filing,introduction

  2. 2026-01-13

    Referred to Committee on Commerce and Labor

    referral-committee

  3. 2026-01-25

    Fiscal Impact Statement from State Corporation Commission (SB478)

  4. 2026-01-26

    Stricken at request of Patron in Commerce and Labor (13-Y 0-N)

Versions

Documents

Votes

  • Stricken at request of Patron in Commerce and Labor

    2026-01-26 · pass · 13-0

    Member-level votes (15)
    • R. Creigh Deeds: yes
    • Mark D. Obenshain: not voting
    • 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

https://lis.virginia.gov/bill-details/20261/SB478

Attribution

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

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