Virginia law regulates payday and car title lenders by allowing them to charge extremely high interest rates in exchange for requiring them to be licensed and putting some restrictions on their business practices. Many storefront payday lenders have switched to open-end or line of credit loans to avoid any regulation. Many internet lenders are also […]
Vote NO on HB 1248–Don’t Feed the Internet LoansharksThe Online Lending Alliance–a group of internet loansharks is circling Virginia and telling your Delegate to vote for HB 1248. Tell you Delegate to vote NO to keep the internet loansharks out. HB 1248 will allow internet lenders with no locations in Virginia to get a license under the Virginia Consumer Finance Act. This […]
A message from Virginia to internet lenders that prey on our residents:The Virginia Poverty Law Center has teamed up with the law firms of Kelly and Crandall and Consumer Litigation Associates. Our goal is to “bite” unlawful internet lenders in a way that sends a message: Your loans violate state and federal law and are hurting Virginians by trapping them into extremely high-cost debt, ruining their […]
$15 Million Settlement in a “Tribe for Hire” Scam!Virginia Poverty Law Center filed a class action lawsuit almost 3 years ago after a man called our hotline about a loan he had received from Western Sky/Cashcall. VPLC’s Board Members Kristi Kelly and Len Bennett took on this case and both spent a lot of time and resources litigating this case. Virginia’s Attorney General’s […]
CFPB imposes $8 million penalty on a company sued by VPLC last yearThe Consumer Financial Protection Bureau (CFPB) took action this week against nationwide subprime credit reporting agency Clarity Services, Inc for violations of the Fair Credit Reporting Act (FCRA). The FCRA violations were exposed by our lawsuit filed against Clarity last year. The bulk of the work on the lawsuit was done by our co-counsel Kelly […]