VA. Gov. Announces Payday Loan Amendment

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VA. Gov. Announces Payday Loan Amendment

14 April 2008
Gov. Timothy M. Kaine announced Monday, an amendment tightening payday loan lender regulations. The regulations extending the length of payday loans were received a coll reception from both the payday loan industry and its critics.

The amended legislation would force payday lenders to extend the time allowed to pay back these short term, high interest loans.

A spokesman for Cash Advance Centers Inc. and Advance America, Jamie Fuller said in a telephone intereview, "The end result is still one of the most restrictive payday lending laws in the country. "It's quite certain some lenders are going to be forced to close as a result of this new law, and others will be significantly impacted."

The bill also creates a payday loan tracking database. Payday Loan borrowers will only be allowed on loan at a time and will have to repay the loan within two pay cycles.

Also complicating the process, payday loan lender will charge 20 percent of the loan, a $5 fee for database costs, and a 36 percent interest charge.

In addition, payday loan borrowers who take 5 loans out in a six month period will either enter into a 60 day extended payoff plan and then prohibited from taking out another loan for 90 days or be barred from securing another loan for 2 months.

These changes are intended to help the payday loan borrower from becoming trapped by the debt cycle payday loans can create.

Opponents of the bill do not think this legislation goes far enough and will continue to push for tougher regulations.

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