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Let me make it clear about Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a crucial hurdle that is first

Let me make it clear about Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a crucial hurdle that is first

RICHMOND — A bill that bans the type of online loans that hit Virginians with interest levels often surpassing 900% passed an integral first hurdle in the General Assembly on Thursday.

The legislation focusing on the web companies additionally would slash costs levied for payday, vehicle name along with other loans that are short-term.

It passed the House work and Commerce Committee 14-8. a bill that is similar sponsored by state Sen. Mamie Locke, D-Hampton, comes prior to the comparable Senate committee later on this thirty days.

The General Assembly has rejected efforts to chip away at the loopholes in existing rules and caps on interest rates — some of which translate to triple-digit interest rates for more than a decade.

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