Delegate David Yancey has tried for years to put some reasonable limits on the odious practices of former payday lenders that now evade regulation with their “line of credit” loans. HB 2465 is a common sense Bill that puts some of the same restrictions on these loans that are in place for payday loans: 1. One loan at a time 2. no harassment of borrowers 3. no debiting of bank accounts. Many borrowers have told us about getting stuck in the trap of multiple loans, having their bank accounts overdrawn, and being harassed by these lenders.
We also support a Bill by Del Farrell, HB 1442, that puts some limits on the fees the line of credit lenders charge.
Read the stories, told by Virginians, who were caught up in the line of credit loan debt trap.
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