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.

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Published: January 27, 2015

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