The fifth week of session brought a furious pace to legislating including some of the most contentious bills of the session as we approached “crossover” – the day the Senate and House are required to complete action on legislation originating in each chamber. It was mostly a successful week for me. Twenty-one of my bills are now set to pass the Senate to be considered by the House of Delegates.
First, Governor Northam announced an agreement to raise Virginia’s threshold between misdemeanors and felonies from $200 to $500. Once enacted, Virginia’s threshold will still be the second lowest in the United States. I have introduced this legislation every year for nine sessions I was pleased it is finally going to be enacted into law.
My legislation to place a 36% interest rate cap on all consumer finance loans was sent back to committee for “additional vetting” after the online lending industry retained a top Richmond lobbying firm. Luckily, my bill re-escaped the Senate Commerce and Labor Committee with only three “no” votes and I hope it will finally pass this week.
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