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Crackdown on high-interest loans clears a crucial first hurdle

Crackdown on high-interest loans clears a crucial first hurdle

RICHMOND — A bill that bans the sort 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 organizations additionally 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 comparable bill, sponsored by state Sen. Mamie Locke, D-Hampton, should come ahead of the comparable Senate committee later on this thirty days. (lebih…)

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