Mamie Locke
- Democratic
- Senator
- District 23
Primary
Contracts assigning rights to earned wages; legal rate of interest. Provides that any contract entered into on or after July 1, 2025, pursuant to which a person receives a cash advance for assigning to a company or other entity a portion of such person's rights to receive earned wages, salary, commissions, or other compensation for services shall be considered a loan and that any additional funds such person is obligated to pay under the terms of the contract shall be considered interest. The bill provides that such contract shall be subject to the legal rate of interest.
A BILL to amend and reenact ยง 6.2-303 of the Code of Virginia, relating to contracts assigning rights to earned wages; legal rate of interest.
Stricken at request of Patron in Commerce and Labor (15-Y 0-N)
Fiscal Impact Statement from State Corporation Commission (SB759)
Prefiled and ordered printed; Offered 01-08-2025 25101242D
Referred to Committee on Commerce and Labor
| Bill Text Versions | Format |
|---|---|
| Introduced | HTML PDF |
| Document | Format |
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| Fiscal Impact Statement from State Corporation Commission (SB759) |
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