RICHMOND, Va. -- Payday lending in Virginia has apparently takenanother step toward survival albeit with additionalrestrictions.
|Opponents of the controversial industry had tried to restrictpayday lenders to changing 36% interest on their typically two weekloans, a move which the industry said would result in their beingchased from the commonwealth.
|The compromise, which Virginia lawmakers have brokered, stillcaps the loans at 36%, but allows the lenders to continue chargingfees, according to published media reports, and increased themaximum time permitted to repay the loans from two to four weeks.The legislation would also cap the number of payday loans anindividual could have to no more than five per year.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
