Lawmakers Look To Put Limits On Internet Loans

Virginia_State_Capitol3In Richmond, a bipartisan coalition is cracking down on predatory lending.

Walk into a payday lender, and there are dozens of rules they have to follow to protect consumers. Same thing for a car title lender. But log into a website, and it’s the Wild West. That’s why Senator Scott Surovell, a Democrat from Fairfax County, wants to limit consumer finance loans to a 36 percent annual interest rate.

Michael Pope is at the Capitol with the latest.

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