Payday Lending Bills Passed
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Updated: 8:18 AM Mar 7, 2008
Payday Lending Bills Passed
RICHMOND, Va. (AP)
The House of Delegates and Senate ended three years of debate over payday lending by passing identical bills to place broad restrictions on the short-term, high interest lenders.
Posted: 3:07 PM Mar 6, 2008
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The House of Delegates and Senate ended three years of debate over payday lending by passing identical bills to place broad restrictions on the short-term, high interest lenders.

The bills would extend the amount of time borrowers have to repay a payday loan and effectively limit how many borrowers can get each year.

Amendments put on the bills Thursday extended the amount of time borrowers are prohibited from getting a loan after they take out five in six months and would require lenders to tell individuals about extended payment options.

Both sides said the reforms are some of the most stringent in the country.
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