Sure
June 29, 2009 | Virginia, alternatives, industry | Comments (2)Why give consumers any options at all? Virginia legislature is going after title lenders now. From the story:
A legislative study committee held their first meeting today at the state Capitol. At the meeting they will discuss how to approach regulation of car title lenders during the 2010 General Assembly session.
Car title lenders operate under the state’s open-end credit law, which allows them to impose whatever loans terms they want as long they do not charge anything during the first 25 days.
Since Virginia passed laws against payday lending, the number of loans has dropped more than 80 percent from the previous year.
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Nice spin. The numbers of loans has dropped 80%. That is the number that were reported by legal, licensed lenders, but how have the number of loans changed by unregulated, unlicensed lenders on the internet? Only a fool would believe that those 80% magically found salvation and no longer have a need for short-term credit!!!
there was an interesting story on Good Morning America this morning with Melody HObson. She mentioned that many banks were increasing their overdraft fees on debit cards fro $25 to $27.50