2004 Regular Session

HOUSE BILL 390

File Code: Commercial Law - Credit Regulation
Sponsored By:
Delegates Murray, Barkley, Gordon, Haynes, Lee, Montgomery, and Stern
Entitled:
Commercial Law - Open End Retail Credit Accounts and Revolving Credit Plans - Late Payment Charges

Synopsis:

Authorizing specified sellers and financial institutions to assess a late payment charge equal to the lesser of $25 or the amount of the outstanding balance of an open end retail credit account; and authorizing, if the agreement governing a revolving credit plan permits, specified credit grantors to impose a late or delinquency charge on payments or portions of payments that equal the lesser of $25 or the amount of the payments or portions of payments.

History by Legislative Date

House Action
1/29
First Reading Economic Matters
2/9
Hearing 2/18 at 1:00 p.m.
3/1
Unfavorable Report by Economic Matters
Senate Action
No Action
Sponsored by:
Delegate Gareth E. Murray, District 20
Delegate Charles Barkley, District 39
Delegate Michael R. Gordon, District 17
Delegate Keith E. Haynes, District 44
Delegate Susan C. Lee, District 16
Delegate Karen S. Montgomery, District 14
Delegate Joan F. Stern, District 39
Bill indexed under the following Subjects:
BANKS AND TRUST COMPANIES
COMMERCE AND BUSINESS -see also- DEALERS; TRADERS; etc
CREDIT
FEES -see also- DEVELOPMENT FEES AND TAXES
FINANCIAL INSTITUTIONS -see also- BANKS; CREDIT UNIONS; etc.
SAVINGS AND LOAN ASSOCIATIONS
Bill affects the following Statutes:
Commercial Law
( 12-506 , 12-910 )

Documents:

Bill Text: First Reading (PDF), Third Reading, Enrolled
Fiscal Note: Available (PDF)
Amendments: None offered