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Home / Opinion Digests / Successive Loans Violate Payday Act (access required)

Successive Loans Violate Payday Act (access required)

A payday lender that makes another loan to a borrower immediately after she pays off the previous loan violates a statutory prohibition against refinancing, renewing or extending any payday loan; the Supreme Court of Virginia reverses a contrary trial court ruling. On a monthly basis from March 2005 through November 2007, Wilma Ruby entered into a ...