Category: Payday lending

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 Payday lending alternatives →

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 Committee defeats payday lending ban →

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 HB619: Repeal predatory lending →