RICHMOND — A promise by two lenders that are giant stop just exactly what even some allies called bait-and-switch strategies that stick tens and thousands of Virginians with high-rate loans they can not pay for led state senators to destroy a number of bills designed to split straight down on lending abuses.
The Senate Commerce and Labor Committee killed a few bills supposed to keep payday and car title loan providers from skirting state laws and regulations supposed to rein in operation practices that leave Virginians hidden under ever-growing financial obligation.
The problem comes whenever individuals walk directly into get a payday or car title loan — borrowing regarding the protection of the vehicles or vehicles — and walk away with a different variety of loan, one with less consumer defenses and frequently at even greater interest levels.
But prior to the committee started its yearly shoot-down of customer loan bills, Senate Minority Leader Dick Saslaw, D-Springfield, stated he talked with two of this biggest name loan providers in Northern Virginia and stated they promised to cease the training. He failed to disclose their names. Continue reading