Mamie E. Locke

Virginia legislators crack down on internet lenders

Virginia legislators crack down on internet lenders

State legislators took a tentative first step Monday toward cracking down on internet lenders who push triple-digit interest rate loans, but only after following the usual pattern in recent years of killing measures to rein in those lenders' charges and business practices.

The Senate Commerce and Labor Committee approved a proposal by state Sen. Scott Surovell, D-Mount Vernon, to require internet lenders to abide by the state's licensing and and other consumer finance regulations.

It rejected efforts by Surovell and state Sen. Mamie Locke, D-Hampton, to tighten rules for the kind of high interest rate loan that Del. David Yancey, R-Newport News, has been trying to clean up for...

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