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

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

RICHMOND — A bill www.installmentloanstexas.net/ that bans the sort of online loans that hit Virginians with interest levels often surpassing 900% passed an integral first hurdle in the General Assembly on Thursday.

The legislation focusing on the internet businesses additionally would slash fees levied for payday, vehicle name as well as 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, should come prior to the comparable Senate committee later on this thirty days.

The General Assembly has rejected efforts to chip away at the loopholes in existing rules and caps on interest rates — some of which translate to triple-digit interest rates for more than a decade.