The Consumer Credit Study Commission was created by Senate Joint Resolution No. 41 of the 1970 Session of the General Assembly. In its report to the Governor and the General Assembly, the Commission recommended that its life be continued for two more years to allow the Commission further time to study the substantial changes which would be required by adoption of the Uniform Consumer Credit Code. The Commission was continued by adoption of Senate Joint Resolution No. 28 of the 1972 Session of the General Assembly.

Pursuant to his authority under the Resolution, the Speaker of the House appointed Delegates C. Richard Cranwell of Vinton, Garry G. DeBruhl of Critz, Jerry H. Geisler of Hillsville, Joseph A. Leafe of Norfolk and Eleanor P. Sheppard of Richmond. The Senate Committee on Privileges and Elections appointed Senators George S. Aldhizer, II, of Broadway, Herbert H. Bateman of Newport News and Clive L. Du Val, II, of McLean. The Governor appointed M. Patton Echols of Arlington, Aubrey V. Kidd of Richmond, William T. Lehner of Richmond, Jeff D. Smith of Richmond, Richard E. Speidel of Charlottesville, Mrs. Earl S. Vest of Roanoke and John P. Warner of Alexandria.

Senator Bateman was elected Chairman of the Commission. Mr. DeBruhl was elected Vice-Chairman. The Division of Legislative Services, formerly the Division of Statutory Research and Drafting, provided staff support and clerical assistance to the Commission.

In accordance with its directive, the Commission undertook a comprehensive study of the Uniform Consumer Credit Code and the laws of Virginia relating to the extension of credit to consumers. In doing so, the Commission held public hearings at which it heard from representatives of the lending industry and consumer groups. Early in its deliberations, the Commission was made aware of the enactment of the Wisconsin Consumer Act. The Commission determined that the Wisconsin Act would make an excellent model for studying the problems with consumer credit in this Commonwealth. The Commission has considered the Uniform Consumer Credit Act, the Wisconsin Consumer Act and specific problems in the law governing consumer credit transactions and· possible methods of correcting them. After much deliberation, the Commission makes the following report.