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Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a vital hurdle that is first

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

The legislation focusing on the web organizations additionally would slash fees levied for payday, automobile name along with other short-term loans.

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

For longer than 10 years, the typical Assembly has refused efforts to chip away during the loopholes in current guidelines and caps on interest prices — a few of which translate to triple-digit interest levels. Continue reading