The Virginian-Pilot
©
RICHMOND
The state Senate today passed legislation to limit the business activities of payday lenders.
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.
Explaining the bill, Saslaw said it is designed to prevent payday lenders from circumventing a new state law regulating the industry that took effect last year.
"When I left, I thought we had seen the last of three years of controversy," Saslaw said on the Senate floor, referring to the protracted payday loan debate at the General Assembly.
But instead of marketing the newly regulated payday-style loans to customers, Saslaw accused the lenders of offering open-ended loans with higher balances that can feature soaring interest rates to maximize their profits.
"If you are in the payday loan business, that's all you're in," Saslaw said. "You can't make any other types of loans."
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I guess the right wing
I guess the right wing "moral" conservatives see no problem with a business that gouges the public by loan sharking.
sickening
I guess the left wing do gooders, who will likely succeed in redistributing the wealth of the working class in order to make a more even playing field for the economically downtrodden (socialism/ communism) never thought about the fact that businesses are in business to make a profit. Next we need to regulate furniture and jewelry businesses that mark up items several 100% in order to protect the people from evil. Capitalism is dying and the Government is making it happen. And all the sheep said Sieg Heil.