Governor Tim Kaine is making his rounds across the Commonwealth as part of his statewide tour. His first stop: The Shenandoah Valley.

On Monday, Kaine talked about the budget, legislation and answered questions, many of which concerned the payday lending industry.

"It usually was the fourth, fifth, or sixth time I asked before I got it. I'm sure you're familiar with that too," says Kaine.

Following this credo, residents and city officials voiced their concerns about the payday lending industry.

"I'm here to tell you that we have your back," says Staunton City Councilman Bruce Elder.

He asked Kaine to endorse a 36-percent interest rate cap. However, he says the bill that passed last week still isn't enough.

Elder says, "We're looking at interest rates that are still in the triple digits, oftentimes exceeding 300 percent for a small loan. It's just too much."

Kaine says, "To be candid, I don't think it is likely that I'm going to dramatically rewrite the bill that they have sent to me."

He added that he has relied heavily on the legislators who passed this bill, and for now, his hands are tied.

"I can't do anything until I get a bill to me," says Kaine. "I can have great ideas, but there's not a bill on my desk. We can't regulate it. I can make all the proposals in the world but if they don't pass something to me, there's nothing that can happen."

Elder says, "I'm going to keep asking that the Governor hold this industry's feet to the fire."

He also says staying the course will eventually bring change, though even if Kaine endorsed a 36-percent cap and eliminated the fee structure all together, it probably won't get passed in the Senate.

"The Senate has proven to be very industry friendly, and it's going to have to be a compromise between Senate and the Governor," says Elder.

Kaine says, "Some of the speakers here tonight were saying, 'Governor you need to go further.' I'm going to take a look at that bill and do what I think is the right thing to do."

He added that protections are needed for vulnerable people, and that there's a very significant reform bill on his desk that can do just that. Kaine continues his town hall tour Tuesday in Petersburg.

The payday lending bill passed a week ago and it puts broad restrictions on short-term, high-interest payday loans, extends the amount of time borrowers have to repay the loan, and limits how many loans the borrower can take out per year.