The 2017 Virginia General Assembly tabled a number of bills (HB 1443, HB 1817, HB 2310, HB 2310, HB 2445, and SB 1126) dealing with consumer finance companies, Internet lenders, and open-end credit with the understanding that the issues raised in such bills would be studied by a working group of the Virginia Bureau of Financial Institutions this year. The Bureau study group is tasked with making legislative recommendations for consideration by the Virginia General Assembly in its 2018 session, which convenes in January.
The Bureau study will give particular attention to the licensing and supervision of Internet lenders making loans to Virginia residents. The Bureau has expressed concern that the current Virginia statutes governing consumer finance are outdated, and that given the proliferation of Internet lending modernization of such statutes is warranted. LeClairRyan will be closely involved with the activities of the Bureau study.