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Bill

SB 759

Contracts assigning rights to earned wages; legal rate of interest.

2025 Regular Session Introduced by Mamie Locke

SB 759 regulates wage assignment contracts and interest rates but was withdrawn before passage, leaving Virginia's existing wage and lending practices unchanged.

Stricken at request of Patron in Commerce and Labor (15-Y 0-N)
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Bill Summary · SB 759

Legislative bill overview

SB 759 addresses contracts that assign rights to earned wages and establishes provisions related to the legal rate of interest in Virginia. The bill was introduced by Senator Mamie Locke but was stricken (withdrawn) from consideration in the Commerce and Labor Committee in January 2025.

Why is this important

Wage assignment contracts can significantly affect workers' financial security and debt obligations. Regulations on interest rates directly impact borrowing costs for individuals and businesses, making this legislation relevant to consumer protection and lending practices in the state.

Potential points of contention

  • Worker vulnerability: Wage assignment contracts can obligate employees to surrender portions of earned income, potentially leaving them financially unstable or unable to meet basic living expenses
  • Interest rate impacts: Changes to legal interest rate caps affect credit availability and costs; stricter caps may reduce lending while higher rates burden borrowers
  • Enforcement complexity: Determining fair terms and preventing predatory use of wage assignments requires careful regulatory language and monitoring mechanisms

Compiled from official sources — confirm details with the bill’s official record.

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