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Crackdown on high-interest loans — blocked for ten years in Richmond — clears a crucial hurdle that is first

Crackdown on high-interest loans — blocked for ten years in Richmond — clears a crucial hurdle that is first

RICHMOND — A bill that bans the type of online loans that hit Virginians with interest levels often surpassing 900% passed a vital first hurdle in the General Assembly on Thursday.

The legislation focusing on the internet companies additionally would slash fees levied for payday, automobile name as well as other short-term loans.

It passed the homely house work and Commerce Committee 14-8. a bill that is similar sponsored by state Sen.

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