Crackdown on high-interest loans — blocked for ten years in Richmond — clears a vital hurdle that is first

Crackdown on high-interest loans — blocked for ten years in Richmond — clears a vital hurdle that is first

RICHMOND — A bill that bans the sort of online loans that hit Virginians with interest levels often surpassing 900% passed a vital hurdle that is first the General Assembly on Thursday.

The legislation focusing on the web organizations additionally would slash fees levied for payday, automobile name as well as other short-term loans.

It passed the homely house work and Commerce Committee 14-8. a comparable bill, sponsored by state Sen. Mamie Locke, D-Hampton, should come ahead of the comparable Senate committee later on this month.

For over 10 years, the typical Assembly has rejected efforts to chip away in the loopholes in current rules and caps on interest prices — a number of which translate to triple-digit rates of interest. (more…)

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