The Consumer Credit Study Commission was created by Senate Joint Resolution No. 41 of the 1970 Session of the General Assembly. A conviction that the entire law governing consumer credit should be examined closely by a commission created for the purpose had developed due to several circumstances, among them a rising public interest in the plight of the consumer, especially in credit transactions, the availability of the Uniform Consumer Credit Code, a comprehensive scheme for regulation of consumer credit sponsored by the National Conference of Commissioners of Uniform State Laws, and interest on the part of creditors and merchants who were concerned about the lack of clarity and consistency in the law governing consumer credit.

Pursuant to his authority under the resolution, the Speaker of the House appointed Delegates Edgar Bacon of Jonesville, Gary G. DeBruhl of Critz, Jerry H. Geisler of Hillsville, George J. Kostel of Clifton Forge, and Eleanor P. Sheppard of Richmond. The Lieutenant Governor appointed State Senators Herbert H. Bateman of Newport News, M. Patton Echols, Jr. of Arlington, and Henry E. Howell, Jr. of Norfolk. The Governor appointed Nicholas R. Beltrante of Alexandria; Charles Griffen of Roanoke, Aubrey V. Kidd of Richmond, Robert A. Sloan of Springfield, Jeff D. Smith of Richmond, Mamie Vest of Roanoke, and Delegate Benjamin H. Woodbridge, Jr. of Fredericksburg.

Senator Bateman was elected Chairman of the Commission. Mr. DeBruhl was elected Vice-Chairman. The Division of Statutory Research, represented by Sally T. Warthen, provided staff support and assistance.

In accordance with its directive, the Commission first made an in-depth study of the Uniform Consumer Credit Code (UCCC) both as an independent statutory scheme and in comparison with current Virginia law. In doing so the Commission, in cooperation with a subcommittee of the Code Commission studying the UCCC, conducted public hearings at which lending industry and consumer representatives were invited to speak. Representatives of consumer groups proposed another overall statutory scheme, called the National Consumer Act, as well as substantial amendments to the UCCC. In addition to the excellent testimony presented by experts in the field of consumer credit, the Commission had at its disposal a wealth of information which has been written about the problems. of consumer credit and the provisions of the Uniform Consumer Credit Code. The Commission has carefully considered both the UCCC and the National Consumer Act, and has also addressed itself to specific problems in the law governing consumer credit and possible methods of correcting them. After much deliberation, the Commission makes the following report.