RICHMOND — A bill that bans the type of online loans that hit Virginians with interest levels often surpassing 900% passed a vital first hurdle in the General Assembly on Thursday.
The legislation focusing on the internet businesses also would slash fees levied for payday, vehicle name as well as other loans that are short-term.
It passed the home work and Commerce Committee 14-8. a bill that is similar sponsored by state Sen. Mamie Locke, D-Hampton, comes prior to the comparable Senate committee later on this thirty days.
For over a ten years, the typical Assembly has refused efforts to chip away during the loopholes in current guidelines and caps on interest prices — a number of which translate to triple-digit interest levels. Continue reading