In Richmond, a lobby that is high-powered new guidelines on high-rate loans

In Richmond, a lobby that is high-powered new guidelines on high-rate loans

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 Virginia’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 Delegates’ Commerce and Labor Committee voted contrary to the bill. It couldn’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.

“The very first time we attempted, i really couldn’t even get yourself a motion,” 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”