Virginia Legal*Political Blog

The Virginia Senate on Friday approved a bill that would close the door on open-end loans offered by payday lenders.
As reported by the Richmond Times-Dispatch, the unanimous vote looked like payback for what some leaders felt was dishonorable dealing by the payday lending industry after negotiations on restrictions at last year’s session.
The House of Delegates [...]

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Lawmakers can expect pressure to cap interest rates for car title lenders.
The Free Lance-Star reports that Del. Joe Morrisey, D-Henrico, is drafting a bill that would cap the annual interest rates of car title loans at 36 percent. Currently, most car title lenders have an interest rate of nearly ten times that amount.
In addition to [...]

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