Virginians have experienced and heard the advertisements for months now through the payday financing industry, guaranteeing to accept reforms and so the company isn’t shoved from the state.
Reforms sustained by the industry were revealed Friday in a General Assembly bill that provides some relief to customers, makes some small changes and fingers loan providers some rights that are new. Legislators will now debate whether these noticeable modifications can help those who have fallen deep with debt to lenders – or whether a 36 % interest limit proposition by Del. Glenn Oder, R-Newport Information, along with other lawmakers may be the response. Continue reading “GENERAL ASSEMBLY: HOUSE BILL MIGHT RETOOL PAYDAY LENDING”