A state senator maneuvered Thursday to prevent Gov. Timothy M. Kaine from imposing an interest rate limit on payday lenders.
Sen. Richard Saslaw, D-Fairfax, mentioned he will probably work with Kaine and payday loan providers locate additional buyers coverage procedures. If it energy fails, Saslaw stated he would kill their costs when it comes down to seasons.
Saslaw’s statement, SB1014, would limit users from taking out significantly more than three payday advances at any one time.
Critics associated with the temporary, high-interest loans happened to be searching for stricter reforms that could limit yearly interest levels at 36 per cent.
Established laws allows payday loan providers to charge a lot more than 300 % interest.Detalles