According to the Virginian Pilot, the Virginia Legislative Black Caucus held a press conference this morning in which they announced their 2007 legislative agenda.
The No. 1 budget priority for the group this year, she said, is continuing to fund a proton beam cancer center at Hampton University. The $200 million project, which focuses on using proton beams to shrink tumors, is under construction.
Other priorities include establishing a 36 percent interest rate cap on payday loans, expanding pre-kindergarten education programs, reforming the mental health system and allowing low-income working Virginians to purchase health insurance through a state program.
The proton center is one that I wrote about here. As I understand it, the center is looking for $10 million in support from the General Assembly over four years, or $2.5 million per year. I do not see any bills on this yet – perhaps it will be part of the budget negotiation.
UPDATE: Assembly Access has the press release.
VIVIAN J. PAIGE | All Politics is Local 
Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn’t see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from http://www.cashloancity.com and I really believe it is the only thing “at the time” that saved us. I understand that there’s a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We’re even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?
Interesting that you link to cashloancity in your name as well. Do you work for them, Ray?
http://www.inrich.com/cva/ric/news/vaapwire.apx.-content-articles-AP-2008-01-17-0044.html
“The nation’s second largest payday lender has agreed to pay $100,000 for violating numerous state laws regulating the industry.
State Corporation Commission spokesman Ken Schrad (shrodd) wouldn’t reveal which laws Check ‘n Go violated, but said the maximum amount for each violation is $1,000.
According to the settlement order, the commission’s Bureau of Financial Institutions examined Check ‘n Go in June and found it had “violated various laws and regulations applicable to the conduct of its licensed businesses.”
The company, owned by Eastern Specialty Finance Inc. out of Ohio, waived a hearing and offered January 10th to pay the $100,000.
The fine comes as Virginia legislators again debate whether to reform the payday lending industry to kick the lenders out of the state.”
So much for the industry policing themselves!
http://www.washingtontimes.com/apps/pbcs.dll/article?AID=/20080118/METRO/396507629/-1/RSS_METRO
Excerpts:
The State Corporation Commission (SCC) cannot disclose which laws Check ‘n Go violated because such reports are confidential, but a commission spokesman said an examination of the company by the commission’s Bureau of Financial Institutions revealed “numerous violations that the bureau considered excessive.”
“Clearly, it’s safe to say this is, if not the largest, one of the largest settlement payments made by a licensed financial institution” in Virginia, spokesman Ken Schrad said yesterday.
[…]
“I suppose Check ‘n Go realized that they were going to have charges finalized against them, and I think that they were terrified of that happening during this fight in front of the Assembly,” said John LaCombe, executive director of CapAmerica, an anti-payday loan group that includes several former Check ‘n Go workers.
One of the those, former Check ‘n Go manager William Harrod, wrote to legislators in July detailing how he was trained to always push the maximum loan on customers, threaten those who did not pay and hack into borrower’s bank accounts using their personal information.
Mr. Harrod and at least one other industry whistleblower provided information to the SCC, Mr. LaCombe said.
[…]
Virginia isn’t the first state to have issues with Check ‘n Go.
In 2006, the company agreed to pay $157,000 in fines and restitution after a Washington State Department of Financial Institutions investigation revealed that the company collected multiple checks from borrowers to secure single loans, charged excessive fees and collected personal identification numbers without borrowers’ knowledge.
Last year, the Texas attorney general ordered Check ‘n Go to enact measures to protect sensitive personal and financial information after finding that the stores discarded business records containing customers’ names, addresses, Social Security and driver’s license numbers and checking account information in easily accessible trash cans.
In the past month, two of my patients gave me NSF checks. Both made the checks good later on, but not until we had charged them $25 from my office (my bank charges me to process returned checks) and their banks charged them $40 to $60 each.
And, of course, their banks return a check as NSF if they are even a single dollar short.
Paying a $15 fee for a $100 payday loan to make those checks good might have been a better choice for them, don’t you think?
But when that rate is capped at 36% those loans will no longer be available. I wonder what the Annual Percentage Rate would calculate to when a check is returned as NSF (say $75 in fees total) because the writer is a dollar short for one day?
So, modern-day loansharking is okay?
You know, if I didn’t find this practice so morally reprehensible, I would start my own “pay-day loaning” outfit. All I need is couple thousand dollars, a couple of thugs, and an aluminum pipe.
Oh, and great job addressing the “largest settlement payments made by a licensed financial institution” ever in Virginia paid by Check ‘n Go, Tabor.
Maybe next time you can get more than 28.8% of the vote…
Why should the Clinton’s change their dynamic swift and extremely effective politically incorect methods to destroy their enemy.Sure they have taken everal direct hits which would destroy most tag teams. Their achievements include impeachment, morals scandals and benefiting from foreign financial arrangements.And they are they are still standing and held in high esteem by a lot of Democrats and those not thrilled by any other political group.But they are still in the same business.
Its going to hard to accept the fact that both political parties will be accepted as honest and truly reflect their constituents when the Clinton scourge is gone, dead and buried.
Jack’s Son – what in the heck does that have to do with the Virginia Legislative Black Caucus?