RICHMOND вЂ” A bill that bans the sort of online loans that hit Virginians with interest levels often exceeding 900% passed a vital first hurdle in the General Assembly on Thursday.
The legislation focusing on the internet businesses additionally would slash fees levied for payday, automobile name along with other short-term loans.
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 equivalent Senate committee later on this month.
For longer than ten years, the typical Assembly has refused efforts to chip away at the loopholes in current rules and caps on interest prices вЂ” a number of which translate to triple-digit interest levels. (suite…)