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Senate spanks payday lenders

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 is working on a similar measure.

Posted by Peter Vieth

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