HB619 shot down

Brent Finnegan -- December 6th, 2006

A 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

5 Responses to “HB619 shot down”

  1. Gxeremio says:

    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)

  2. finnegan says:

    Gxeremio, I think we all know that Jesus was for a free market economy and less government regulation. Stop livin’ in the OT.

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