In 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.