Photo of David E. Yancey
R Virginia House of Delegates · District 94

Del. David E. Yancey

Compare
Total votes
3,131
all sessions
Attendance
100%
9 missed
Near the chamber average
With party
97%
of cast votes
Near the chamber average
Bipartisan score
1%
crosses aisle rarely
Lower than 80% of chamber peers
Sponsored
316
bills & resolutions
Near the chamber average
Committees
0
assignments
316 bills and resolutions

Sponsored bills

Total
316
Primary
126
Co-sponsor
190
This page
316
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Primary HB 956
In committee · Virginia House of Delegates · Lead sponsor
Payday loans; changes minimum term from two of the borrower's pay cycles to six months.

Changes the minimum term of a payday loan from two of the borrower's pay cycles to six months. The measure reduces the maximum amount of the loan fee that a licensee may charge from 20 percent of the total amount borrowed to 20 percent of the amount of the first $300 borrowed and 7.5 percent of any amount borrowed in excess of $300. The measure entitles a borrower to a refund of unearned interest and loan fee if the loan is prepaid in full prior to maturity. The measure adds a requirement that borrowers be given the option of structuring a payday loan as an installment loan payable in substantially equal monthly installments. The measure retains the provision authorizing a borrower to pay any outstanding single payment payday loan by means of an extended payment plan. The measure eliminates the existing provision that authorizes a borrower with five payday loans within 180 days to repay such fifth loan as an extended term loan in four installments over 60 days. The measure prohibits a licensee from refinancing or renewing an existing payday loan or amending the terms of an existing payday loan agreement in order to extend the term of the existing payday loan beyond its original term more than once. The measure allows a person to have more than one payday loan outstanding at any time if his aggregate principal amount does not exceed $500 and there is at least a 30-day period between the dates each payday loan is made. The measure prohibits a licensee from making a payday loan if the purpose of the loan is to enable the borrower to pay off a payday loan made by the licensee or another payday lender. Finally, the measure revises the existing provision that bars a licensee from making a new loan to a borrower on the same day that the borrower repaid a payday loan by stating that such loans are barred if made to pay off a payday loan made by the licensee or another payday lender.

In committee Feb 13, 2018 0 co-sponsors
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