Virginia Panel Quickly Kills Proposal to Limit High-Rate Loans
Thursday, January 29th, 2015
By Dave Ress, Daily Press
It took less than five minutes for a House of Delegates committee to kill a bill to shut down a kind of high interest rate loan that keeps piling on debt even when borrowers make their basic monthly payments.
The sponsor, Del. David Yancey, R-Newport News, figured that was progress.
“The first time I tried, I couldn’t even get a motion. Last year, I got a motion, but no second. This year, at least they voted,” he said after the House Commerce and Labor Committee killed his measure to crack down on triple-digit interest rate lines of credit.
“I’m just going to keep on trying,” he said.
Published: January 27, 2015