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Home / VA: Payday Plan To ‘Break the Cycle of Debt’VA: Payday Plan To ‘Break the Cycle of Debt’
Last Updated on Tuesday, 5 February 2008 02:49 Written by rslcpol Tuesday, 5 February 2008 02:47
RICHMOND – Key lawmakers in the House of Delegates, aiming to save unwary consumers from spiraling deeply into debt, agreed Monday on a long-sought compromise to regulate payday lenders.
Critics of the industry praised the new restrictions as common-sense reform, but payday lenders said the plan was troubling because it transforms a payday loan into something else.
Meanwhile, a Senate panel considered several payday-loan proposals Monday but did not take a vote. They will be sent to a special subcommittee and voted on next week.
This entry was posted on Tuesday, February 5th, 2008 at 2:47 pm and is filed under State Legislature News.
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