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 VirginiaвЂ™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.
Within five full minutes, the people in the House of DelegatesвЂ™ Commerce and Labor Committee voted from the bill. It couldnвЂ™t allow it to be to the House that is full for consideration.
The January 2015 vote was a small victory to Yancey, a Newport News Republican.
вЂњThe very first time I attempted, i really couldnвЂ™t even get a motion,вЂќ he told the constant Press during the time. вЂњLast 12 months, i obtained a movement, but no 2nd. This at the least they voted. yearвЂќ
He continued, вЂњIвЂ™m just planning to carry on trying.вЂќ
And then he has, every since вЂ” with no better luck year. Continue reading “In Richmond, a high-powered lobby stalls new rules on high-rate loans”
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