General Assembly>Division of Legislative Services>Publications>Session Summaries>2003>Banking and Finance


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Banking and Finance

Passed

P HB1769

Payday loan advertising. Requires a payday lender to include in any advertising materials that include the amount of any payment, or amount of any finance charge, a statement of the fees and charges, expressed as an annual percentage rate, on such loans. The statements shall use as an example a $300 loan payable in 14 days. The disclosure statements shall be conspicuous. The measure also makes several technical amendments regarding persons required to be licensed under the Payday Loan Act.
Patron - Nutter

P HB1930

Real estate brokerage subsidiaries of banks. Establishes conditions under which state banks are authorized to own a real estate brokerage firm. The measure also provides that a real estate broker is not prohibited from owning or operating a state bank. This bill is identical to Senate Bill 1194.
Patron - Nixon

P HB2488

Opening of safety deposit box. Removes the requirement that a bank, trust company, or other corporation, retain an outside notary public to be present with a bank officer for the opening of a safe deposit box due to nonpayment of rent. Only two bank employees, one of whom is a notary, must be present at the opening of the box.
Patron - Tata

P HB2579

Exceptions to legal rate of interest; exercising stock options. Excludes loans that fund the exercise of stock options from the general prohibition on contracts that require the payment of interest at rates exceeding 12 percent annually.
Patron - Armstrong

P HB2648

Limited access to safe-deposit box; possession of advance medical directives; possession of powers of attorney. Requires a letter from a physician documenting the mental incapacity of the sole lessee of the safe-deposit box before allowing access to the spouse or next-of-kin to look for a power of attorney or advance medical directive. The letter must state that the lessee is incapable of receiving and evaluating information effectively or responding to people, events or environments to such an extent that the individual lacks certain specified capacities. Under current law it is within the bank or company's discretion whether to require a letter and the contents are not specified. The bill further provides that persons dealing with an attorney-in-fact or agent shall have no obligation to inquire into the manner or circumstances by which possession of the power of attorney or advance medical directive was acquired, provided that a court may consider such manner or circumstances as relevant factors in any proceeding brought to terminate, suspend or limit the authority of the attorney-in-fact or other agent or revoke the directive.
Patron - Janis

P HB2748

Private Trust Company Act. Establishes criteria under which a private trust company may obtain authorization to engage in the private trust business in Virginia. A private trust company is a corporation or limited liability company authorized by the State Corporation Commission to perform the duties of a fiduciary for members of the family that created the private trust company, but not for members of the general public. The private trust company may act as a trustee of family trusts and as executor of a deceased family member.
Patron - Suit

P SB1103

Mortgage Lender and Broker Act; predatory practices. Contains recommendations of the Virginia Housing Study Commission to strengthen consumer protection measures in the Mortgage Lender and Broker Act. The State Corporation Commission (SCC) may suspend individuals convicted of fraud or other crimes from working in the mortgage lending industry, and registered lenders and brokers must file with the SCC a notice of the filing of bankruptcy, denial or revocation of opportunity to engage in business in another state, or felony indictments.
Patron - Whipple

P SB1194

Real estate brokerage subsidiaries of banks. Establishes conditions under which state banks are authorized to own a real estate brokerage firm. The measure also provides that a real estate broker is not prohibited from owning or operating a state bank. This bill is identical to HB 1930.
Patron - Wagner

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General Assembly>Division of Legislative Services>Publications>Session Summaries>2003>Banking and Finance

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