SB 478 VA

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Introduced

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.

• David W. Marsden Democratic · primary

1. Jan 13, 2026 Prefiled and ordered printed; Offered 01-14-2026 26103737D · upper
2. Jan 13, 2026 Referred to Committee on Commerce and Labor · upper
3. Jan 25, 2026 Fiscal Impact Statement from State Corporation Commission (SB478) · upper
4. Jan 26, 2026 Stricken at request of Patron in Commerce and Labor (13-Y 0-N) · upper

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Introduced · PDF
• Introduced · HTML