More limitations on consumer choice in Virginia
January 2, 2010 | Virginia, alternatives, industry | Comments (0)From today’s Richmond Times Dispatch:
Virginia regulators are plugging a loophole that allows some payday lenders to escape restrictions on loans and interest rates.
The order by the State Corporation Commission is another blow to the high-cost, instant-loan industry and may have implications for a looming fight in the 2010 General Assembly over a possible clampdown on now largely unregulated car-title lenders.
In an order Tuesday, the three-member commission made it more difficult for some lenders to offer larger, more profitable loans by, in effect, requiring borrowers to supply their motor vehicles as collateral.
It’s time for consumers to start standing up for their right to choose the credit option of their choice.
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