March 11, 2014
The House overwhelmingly passed its payday lending reform compromise bill, while the Senate scrambled to finish work on the issue.
The House bill passed 91-7 on Monday with no debate.
It limits the number of loans borrowers can have each year, extends the amount of time they have to repay a loan and caps the annual interest rate lenders can charge at 36 percent, although it allows them to charge other fees.
A Senate subcommittee met Monday morning to sort through nine bills to either reform the industry, cap the interest rate lenders can charge or repeal the 2002 law that opened Virginia to payday lenders. A full committee was to meet on the issue on Tuesday.
The Senate will try to push a bill through on Tuesday, the deadline for each chamber to complete work on its own bills.