High interest online loan providers could be closed away from Virginia under proposed bill

High interest online loan providers could be closed away from Virginia under proposed bill

On line loan providers who hit Virginians with triple digit interest levels will be banned for conducting business when you look at their state under proposed legislation that will additionally slash costs levied for payday, vehicle name as well as other short-term loans.

As the General Assembly has shrugged off previous efforts to chip away during the loopholes that allow such loans — that are created by a few of the biggest contributors to legislators’ campaign funds — the reform that is sweeping be supported by a few of the legislature’s heavyweights as soon as the General Assembly session starts Wednesday.

Senate Democratic caucus seat Mamie Locke, D-Hampton, is holding the measure within the state Senate. Del. Lamont Bagby, D-Henrico, president for the Virginia Legislative Ebony Caucus, is holding the homely house variation. Continue reading “High interest online loan providers could be closed away from Virginia under proposed bill”