Crackdown on high-interest loans вЂ” blocked for a decade in Richmond вЂ” clears a crucial first hurdle
RICHMOND вЂ” 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 companies additionally would slash costs levied for payday, automobile name along with other short-term loans.
It passed the homely house work and Commerce Committee 14-8. a comparable bill, sponsored by state Sen. Mamie Locke, D-Hampton, comes ahead of the comparable Senate committee later this thirty days. (بیشتر…)