We don’t like your agenda
September 11, 2009 | Daily Press, Virginia, employees, industry | Comments (0)Virginia’s Daily Press lists its legislative priorities:
Outlaw predatory lending
If the General Assembly can’t do the right thing on payday and car-title lending — after several years and the backing of a broad coalition eager for reform — we should question whether legislators are up to their job.
The law needs to protect people who are in financial distress from lenders who prey on them. They lend small amounts at usurious, punishing interest rates — often well above 300 percent APR — and under crushing conditions, such as confiscating borrowers’ vehicles if they miss payments.
The right thing to do is obvious: Impose a 36 percent interest-rate cap on short-term loans, the same cap that federal authorities impose to protect members of the armed services.
Sure, it’s a terrific time to reduce credit and layoff workers.
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