Report Reveals Same Payday Lending "Reforms" Proposed in VA Fail to Protect Working Families in FL, OK, WA.Only States That Cap Interest Rates - Such As NC, MD, and WVa - Prevent Payday Lending Abuses RICHMOND, Va. -- Virginia Partnership to Encourage Responsible Lending (VaPERL), a statewide coalition of individuals and organizations dedicated to promoting responsible lending, will release a report entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , "Protecting Working Families From Abusive Payday Loans A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $1500, on a two-week term and have interest rates in the range of 390 percent to 900 percent : Lessons From Other States," on Tuesday, January 16 at 9:00 am in the House Briefing Room of the Virginia General Assembly The Virginia General Assembly is the legislative body of the Commonwealth of Virginia. Its existence dates from the establishment of the House of Burgesses at Jamestown in 1619. It became the General Assembly in 1776 with the ratification of the Virginia Constitution. Building. An analysis of data from states that have attempted - and failed - to curb payday lending abuses through increased regulation exposes so-called "reforms" as half-measures that perpetuate per·pet·u·ate tr.v. per·pet·u·at·ed, per·pet·u·at·ing, per·pet·u·ates 1. To cause to continue indefinitely; make perpetual. 2. the debt trap. VaPERL urges lawmakers to repeal the Payday Loan Act and require that payday lenders operate under the same 36 percent interest rate cap that applies to other small loan lenders in the Commonwealth. Contact: Helen O'Beirne of VaPERL at 804-643-2474 or 804-852-2528 (cell) Helen@virginiainterfaithcenter.org Visit VaPERL at http://www.virginiafairloans.org SCHEDULED SPEAKERS: * Chairman Harvey Morgan (chair, House Commerce and Labor Committee) (confirmed) * Del. John O'Bannon (confirmed) * Del. Jennifer McClellan (confirmed) * Senate Majority Leader Walter Stosch This article or section contains information about scheduled or expected future events. It may contain tentative information; the content may change as the event approaches and more information becomes available. (invited) * Del. Glenn Oder (invited) * Del. Algie Howell (invited) |
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