 |
 |
 |
|||
 |
 |
|
|||
 |
|
||||
 |
 |
|
|||
 |
|
||||
 |
 |
|
|||
 |
|
||||
 |
|
||||
 |
|
||||
 |
|
||||
 |
 |
 |
 |
|
|
|
|
|
|
|
|
THE ISSUE: Please support HB 1864 (Del. Harvey Morgan), which will help to limit payday lending in Virginia.
TAKE ACTION:
If your Senator or Delegate serve on the Commerce and Labor Committee, it is especially important for you to email, fax, or call as soon as possible. You can send an email or fax directly from our Web site (our system will do this for you, you do not need any special fax equipment).
http://capwiz.com/vic/issues/alert/?alertid=6814846&type=ST
House Commerce and Labor: Morgan (Chair), Hargrove, Callahan, Tata, Parrish, Purkey, Kilgore, Bryant, Byron, Ware, Dudley, Griffith, Nixon, Suit, Plum, Johnson, D.C. Jones, Joannou, Melvin, Keister, Bland, Abbitt
BACKGROUND:
HB 1864, sponsored by Harvey Morgan (R), requires the establishment, of a database that must be accessed by payday lenders prior to making a payday loan, in order to determine whether the person applying for the loan has an outstanding payday loan or has terminated a payday loan within the preceding 24 hours. The measure also requires payday lenders to check an internal database and to obtain a certification from the person, in order to confirm that the person does not have an outstanding payday loan and has not terminated a payday loan within the preceding 24 hours, and prohibits payday lenders from making loans to such persons. Finally, lenders are prohibited from engaging in the rollover of payday loans.
Payday lending is a serious problem in Virginia. In 2003, more than 50,000 Virginians obtained more than one payday loan per month and paid an average annual percentage rate of 386%. By limiting borrowers to one loan at a time, the cycle of obtaining a payday loan to pay an existing payday loan will be broken.
_______________________________________________________________
Join the Virginia Interfaith Center on Thursday, February 3rd from 8 am to 3:30 pm for “A Day at the General Assembly for All People of Faith” (formerly Lutheran, Episcopal, Presbyterian Day). We will meet at St. Paul’s Episcopal, 815 E. Grace Street, Richmond, but will spend a portion of the day at the Capitol. See our Web site for more details. Email office@Virginia Interfaith Center.org or call 804-643-2474 to register. Your $15 registration fee includes lunch and materials.