Vote Smart's Synopsis:

Vote to pass bill restricting payday lending.

Highlights:

- Prohibits lenders from extending new loans to borrowers with 3 outstanding loans or in extended payment plans [sec. 1 (6.1-459 [A.6, 26d])]. - Creates a Internet database to make this information accessible to payday lenders [sec. 1 (6.1-453 [B])]. - Disallows payday loans to members of the military or their spouses [sec. 1 (6.1-459 [A.21])]. - Creates a process for extended payment plans if a borrower defaults on their loan [sec 1 (6.1-459 [A.26])]. - Makes it illegal for payday lenders to “engage in any unfair, misleading, deceptive, or fraudulent acts or practices in the making or collecting of a payday loan” [sec. 1 (6.1-459 [A.23])]. - Applies to any lender making loans to Virginia residents, including over the Internet, regardless of the lender's physical location [sec. 1 (6.1-459 [B])].

Full Bill Text