Virginia · 2025 Regular Session · Bill
SB 1252: Financial institutions; loans and legal rate of interest.
Vetoed Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
- Vetoed
Last official action: ·Record last updated:
Plain-language summary
SB 1252 is a bill introduced in the Virginia Senate on January 8, 2025. According to its official title, it concerns: Financial institutions; loans and legal rate of interest. Primary sponsor: Lamont Bagby (Democratic). It lists 1 additional sponsor. Most recent recorded action (April 2, 2025): Senate sustained Governor's veto.
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, "make" or "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 state.
Sponsors
Sponsors by party (alphabetical): Democratic 2
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Lamont Bagby | Primary sponsor | Democratic | Senate | 14 |
| Angelia Graves | Co-sponsor | Democratic | Senate | 21 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- Senate sustained Governor's veto
- Passed by for the day
- Vetoed by Governor
- Governor's Action Deadline 11:59 p.m., March 24, 2025
- Enrolled Bill Communicated to Governor on March 11, 2025
- Signed by President
- Signed by Speaker
- Bill text as passed Senate and House (SB1252ER)
- Enrolled
- House amendment agreed to by Senate (29-Y 10-N 1-A)
- Reconsideration of (40-Y 0-N)
- House Amendment agreed to by Senate (39-Y 1-N)
Showing 12 most recent of 37 actions. Full history