Del. Sam Rasoul files bill to help stop predatory lending

Rasoul HeadshotDel. Sam Rasoul (D-Roanoke) has filed HB 103, a bill that would help buyers by placing a cap on the interest rate that consumer finance companies can charge on a loan.

Under current law, consumer finance companies can charge any agreed-upon rate of interest on loans above $2500.  HB 103 would cap the interest rate at 36 percent on any loan made.

“The lack of regulation on consumer finance loan interest rates has been a problem in Virginia,” said Rasoul.  “We have more work to do to fix predatory lending here, but I believe this to be a good step to protect people from the outrageous terms some of these loans dictate.  A stronger Virginia economy relies on people being able to make purchases, pay debts, and climb out of poverty.  This endless cycle of interest with rates not seen in any other industry keeps people impoverished and harms the whole economy.”

HB 103 will be introduced in the General Assembly when the 2016 session convenes in January.

Books from AFP

2018-19 UVA Basketball Preview: Just $1.99 on Amazon!

UVA Basketball finished the 2017-18 season ranked at the top of the national polls. Augusta Free Press editor Chris Graham offers his insight and analysis on the 2018-19 'Hoos, breaking down the roster, the legacy of coach Tony Bennett, and how the loss to UMBC could fuel a run through March Madness next spring.

The Worst Wrestling Pay-Per-View Ever: Just $3.49 on Amazon!

Chris Graham offers a glimpse behind the curtain of the pro wrestling business in his new book, The Worst Wrestling Pay-Per-View Ever, the inside story of the 2011 Night of Legends, a live pay-per-view event featuring stars including WWE Hall of Famers Kevin Nash, "Hacksaw" Jim Duggan and The Rock 'n Roll Express that was met with almost universally negative reviews.

Mad About U: History of University Hall available on Amazon for just $5.99!

Mad About U: Four Decades of at University Hall is a comprehensive book covering the players, coaches and memories of University Hall at the University of Virginia. Join us as we look back at the memories from more than 40 years in U Hall.

News From Around the Web

Shop Google