RICHMOND, Va. – The Virginia Credit Union League is following a bill-H.B. 940-introduced January 9 by Del. Harvey Morgan (R-98) that establishes requirements for conducting payday lending. Among the bill's provisions, it caps the fee that a payday lender can charge at $15 per $100 advanced to the borrower; the maximum terms of a payday loan is 30 days, and the minimum term is seven days; lenders are prohibited from "rolling over" payday loans. In addition, the bill requires payday lenders to be licensed with the State Corporation Commission (SCC).
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