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U.S. PIRG Consumer Blog
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January 17, 2008
Payday lenders on the run in NH, VA
Tom Fahey of the Manchester (NH) Union-Leader is reporting that the New Hampshire House votes to limit interest on payday and auto title loans to 36 percent. That full House action was in defiance of a legislative committee: The 207-124 vote to pass the rate cap overturned a 12-6 vote by the Commerce Committee recommending the bill be killed. Meanwhile, while the Virginia legislature continues efforts to rein the predatory loan sharks in that state, its regulators have settled a case with the nation's second largest payday lender, according to a story by Chris Flores in the Newport News (VA) Daily Press: Check 'N Go payday lenders gives $100,000 settlement: The Virginia State Corporation Commission will not reveal the details of the case against Check 'N Go. But each violation of the state laws can carry a maximum $1,000 fine. That means the company was willing to settle the state charges by paying the equivalent of 100 violations fined at the maximum rate.
Posted by Ed Mierzwinski at January 17, 2008 11:06 AM
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