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Payday usuryJanuary 9, 2008 Your resolutions for the General Assembly were right on target, especially on the payday loan issue ("Resolutions," Jan. 1). The payday loan issue should have been an easy problem to solve in past General Assembly sessions, but the voices of victims of payday lenders were silenced by the industry's deep pockets and powerful lobbyists. Many Peninsula legislators have taken this issue seriously. Del. Glenn Oder has submitted a bill calling for a 36 percent APR cap on payday loans, and others such as Del. Harvey Morgan, state Sen. Mamie Locke and state Sen. John Miller have been outspoken against payday lending. It's time for the rest of the legislature to stand up and take responsibility for this usurious and predatory industry that they created in Virginia. Source : http://www.dailypress.com |
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