Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a crucial hurdle that is first

Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a crucial hurdle that is first

RICHMOND — A bill that bans the sort of online loans that hit Virginians with interest levels often surpassing 900% passed a vital hurdle that is first the General Assembly on Thursday.

The legislation focusing on the web companies 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 bill that is similar sponsored by state Sen. Mamie Locke, D-Hampton, should come prior to the comparable Senate committee later on this thirty days.

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