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In Richmond, a high-powered lobby stalls new rules on high-rate loans

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In Richmond, a high-powered lobby stalls new rules on high-rate loans

Del. David Yancey endured before a panel of their peers because they considered one of his true bills.

The legislation aimed to tackle high-interest-rate end that is open of credit, designed to use a decades-old loophole in Virginia’s usury legislation originally meant to allow stores to provide charge cards. They charge triple-digit rates of interest, and financial obligation can balloon if borrowers just make their fundamental payments that are monthly. Read More