Now that newly passed regulations have severely hampered the payday loan industry in Virginia, lawmakers are setting their sights on car title lenders. A legislative study committee held its first meeting today at the state capitol to discuss how to approach regulation of car title lenders during the 2010 General Assembly session. Car title lenders… Read more »
payday lending
Va. regulations chasing payday lenders away
Several payday lenders – such as Check ’n Go and Allied Cash Advance – are leaving Virginia. Advance America, which operates the Cash Advance Centers of Virginia, is on the ropes, too. CNS analyzed the location of the 598 payday loan stores registered in Virginia as of April 7. The analysis examined the number of payday lenders by Zip code. The 23230 Zip code boasts one of the highest concentrations of payday lending stores in Virginia, with almost one location for every 1,000 residents. The area is also among the poorer sections of metro Richmond, with a median household income about $10,000 below the state average.
Lawmakers seek to close lending loophole
It’s déjà vu all over again for payday lenders. Sen. Mark Herring (D-Leesburg) on Thursday introduced a bill that would tighten controls on car-title lenders and prevent payday lenders from evading regulations imposed in 2008.