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

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

RICHMOND — A bill that bans the type 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 also would slash fees levied for payday, vehicle name along with other loans that are short-term.

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 a ten years, the General Assembly has refused efforts to chip away during the loopholes in current guidelines and caps on interest prices — several of which translate to triple-digit rates of interest. Читать дальше