It’s called “innovation”
July 30, 2009 | Virginia, alternatives, industry, regulation | Comments (0)But to anti-business zealots, when a business changes a service to comply with regulations, it’s a “loophole.” More nonsense out of Virginia:
Quick-cash lenders have found a loophole around Virginia’s new law cracking down on predatory lending. Last year, legislators limited payday loans (money borrowed against a person’s next pay check at an exceptionally high interest rate). As a result, the governor’s office says, the number of payday loans in Virginia decreased by about 84 percent. However, consumer advocates say, there’s no way to tell if that number includes transfers from payday loans to open-ended lines of credit.
Why not just let consumers choose between the two services, not to mention pawn lenders, title lenders and credit unions?
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