Del. David Yancey endured before a panel of their peers while they considered one of is own bills.
The legislation aimed to tackle high-interest-rate available end lines of credit, designed to use a decades-old loophole in VirginiaвЂ™s usury legislation initially designed to enable shops to provide credit cards. They charge triple-digit interest rates, and financial obligation can balloon if borrowers just make their fundamental monthly obligations.
Within five full minutes, the people in the House of DelegatesвЂ™ Commerce and Labor Committee voted contrary to the bill. It couldnвЂ™t ensure it is into the House that is full for consideration.
The January 2015 vote was a small victory to Yancey, a Newport News Republican.
вЂњThe very first time we attempted, i really couldnвЂ™t even get yourself a motion,вЂќ he told the day-to-day Press during the time. Continue reading “In Richmond, a lobby that is high-powered new guidelines on high-rate loans”