Payday lending
Tuesday update (01/15): Payday lending
Weekly update of my legislative agenda issue. Once again, not much to report except committee assignments. Nearly all of the bills are in the HC&L (House Commerce & Labor) committee or the SC&L (Senate Commerce & Labor) committee. The HC&L committee meets Tuesdays and Thursdays, 1/2 hour after adjournment, while the SC&L committee meets Mondays, … Continue reading
My legislative agenda: Payday lending
I mentioned in an earlier post that I was going to roll out my legislative agenda. This is the second in the series. Payday lending is another issue that has been the topic of discussion throughout the country. The following video could have just as easily been made in Virginia. From a Virginian Pilot editorial: … Continue reading
Payday lending regulation back on the table
Del. Glen Oder (R-NN) has introduced a bill calling for a 36% cap on interest rates for payday lenders. I’m not going to rehash all I’ve written about payday lending; suffice it to say that putting these lenders under the same regulation as other lenders is a step in the right direction. Contact your legislators, … Continue reading
Melvin legislator-advocate of the year
Delegate Ken Melvin (D-80th) has been named the Legislator-Advocate of the year by the Virginia Interfaith Center for Public Policy. According to Thursday’s Virginian Pilot, “Melvin’s work on payday lending as well as the House Courts Committee merited the award.” Melvin will be recognized at the 2007 Annual meeting of the organization, which will be … Continue reading
Where the candidates stand: payday lending
Another good issue to look at, The Virginian Pilot today shows the candidates’ stand on payday lending. For those who are unfamiliar, Virginia has a limit on interest rates of 36% – except for payday lenders, who are allowed to charge rates approaching 400%. (The statute allows for a fee of $15 per $100 borrowed.) … Continue reading
“Massive misery”
That is the title of the Daily Press editorial today. The cause of the misery? Pay day lending. The state legislators who are so willing to do the bidding of a predatory business should check the latest evidence. The numbers for 2006 are in, and what they reveal is that the amount of misery and … Continue reading
Payday lending bill dead
The last chance for pay day lending reform in the House died Tuesday afternoon when HB2563 was stricken. With the McClellan amendment, interest rates were capped at 72%, double that allowed for other consumer loans. “You can’t make your payroll on that kind of return,” [bill patron Del. Lee] Ware said. OK, so they don’t … Continue reading
Bills on Payday Lending
Check out The Women’s Post for a list.
Payday lending alternatives
One of the things that supporters of payday lending have claimed is that they are the only ones willing to make these loans. As an article in today’s Virginian-Pilot points out, this is not necessarily the case. Five years ago, tellers at State Employees’ Credit Union in North Carolina noticed a different group of people … Continue reading
Committee defeats payday lending ban
According to the Daily Press, the predatory lending of payday loans will be allowed to continue. In a 10-8 vote, the Commerce and Labor Committee defeated a bill from Del. John O’Bannon, R-Henrico, aimed at repealing the 2002 law that began a new chapter in consumer lending. It led to an explosion of storefront payday … Continue reading
HB619: Repeal predatory lending
I received the following via email tonight: On Tuesday, December 5th, the Virginia House Commerce and Labor Committee will vote on HB 619, a bill sponsored by Delegate John O’Bannon that would repeal the Payday Loan Act of 2002. It’s important that this bill be approved and sent to the House floor when the Legislature … Continue reading
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