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Crackdown on high-interest loans clears a crucial hurdle that is first

RICHMOND — A bill that bans the type of online loans that hit Virginians with interest levels often surpassing 900% passed an integral first hurdle in the General Assembly on Thursday.

The legislation focusing on the internet companies additionally would slash fees levied for payday, vehicle name along with other short-term loans.

It passed the homely house work and Commerce Committee 14-8. A bill that is similar sponsored by state Sen. Mamie Locke, D-Hampton, comes ahead of the equivalent Senate committee later on this thirty days. Continue reading