Virginia · 2026 Regular Session · Bill
HB 827: Financial institutions; loans and legal rate of interest.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
HB 827 is a bill introduced in the Virginia House on January 13, 2026. According to its official title, it concerns: Financial institutions; loans and legal rate of interest. Primary sponsor: Rip Sullivan (Democratic). Most recent recorded action (January 27, 2026): Stricken from docket by Labor and Commerce (22-Y 0-N).
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
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.
Sponsors
Sponsors by party (alphabetical): Democratic 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Rip Sullivan | Primary sponsor | Democratic | House | 6 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Stricken from docket by Labor and Commerce (22-Y 0-N)
- Fiscal Impact Statement from State Corporation Commission (HB827)
- Referred to Committee on Labor and Commerce
- Prefiled and ordered printed; Offered 01-14-2026 26101264D