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Bristol News
Bristol, Washington County, Virginia
What is this article about?
The Virginia Senate amended a House bill on interest rates, allowing 8% by agreement but limiting forfeiture to excess over 6%. If the House concurs, it would effectively set the rate at 8%. The Senate recently favored only 6%, marking a notable change.
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The Virginia Senate on Friday last "went back" on itself and on the House, by engrafting on the House bill an amendment allowing eight per cent by agreement, but limiting the forfeiture to the excess over six. It appears to us that if the House should concur it will practically make the rate eight per cent. We have not had an opportunity to read the bill, but we cannot see how the Legislature can allow and yet not allow two per cent over the old rate. The Whig says a most remarkable change has come over the Senate on this subject, as that body recently favored six and no more.
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Where did it happen?
Domestic News Details
Primary Location
Virginia
Event Date
Friday Last
Outcome
amendment allows 8% interest by agreement with forfeiture limited to excess over 6%; if house concurs, effectively sets rate at 8%. senate previously favored 6%.
Event Details
Virginia Senate amended House bill on interest rates, engrafting provision for 8% by agreement but forfeiture only on excess over 6%, reversing prior stance favoring 6%. Editorial notes practical effect and questions logic.