HB619 shot down
posted by Brent FinneganA few weeks ago, I posted about House Bill 619, which would have put the 36 percent interest cap back on payday loans.
With the political contributions coming from these companies to Virginia politicians, I guess it’s no surprise that 619 recently got shot down by the House committee. Now it will not go to a vote on the House floor in 2007.
I have a close friend who was employed by one of these lenders for a short period of time. He’s told me many stories of how sleazy these places are.
Vivian Paige has a breakdown on her blog of who on the committee received contributions, and how they voted on 619.
-finnegan
posted: December 6th, 2006 by Brent Finnegan
filed under news, politics.
Comments: 5
Comments
Comment from Gxeremio
Time: December 6, 2006, 9:15 am
This is a moral issue that I hope Christians (and Jews and Muslims) around the state chime in on. The Wikipedia article on usury lists no less than 11 passages from the Bible which not only discourage but forbid this practice. Proverbs 28:8 states: “He who increases his wealth by exorbitant interest amasses it for another, who will be kind to the poor.” (NIV)
Comment from finnegan
Time: December 6, 2006, 7:32 pm
Gxeremio, I think we all know that Jesus was for a free market economy and less government regulation. Stop livin’ in the OT.
Pingback from hburgnews » Blog Archive » financial “wreckage”
Time: December 11, 2006, 11:39 am
[...] Some of you might wonder why I (and other VA bloggers) have been harping on this payday loan issue. I posted entries about it in November and once this month already. [...]
Pingback from hburgnews » payday lending meeting on the 3rd
Time: January 27, 2007, 4:24 am
[...] I’ve written about payday lending here before. [...]
Pingback from hburgnews » payday loan cap in the city?
Time: September 25, 2007, 9:51 am
[...] the last session, efforts in General Assembly to put a 36 percent interest rate cap on payday loans failed. This year, the push for an interest rate cap is coming from Virginia’s [...]
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