VA Update:
January 30, 2009 | Virginia, industry, media coverage, regulation | Comments (0)The Senate passed the bill that denies lenders the opportunity to offer open lines of credit:
Senate Majority Leader Richard Saslaw, D-Fairfax, sponsored the bill, which would confine payday lenders to only issuing short-term, high-interest loans. The measure, SB1470, unanimously passed the Senate.
It will be interesting to read the floor statements to see how they justify limiting consumer choice at a time when credit is hard to get.
