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For indepth information concerning free online payday loans and
cash advances in Virginia and other US cities, states and
counties.
Virginia statutory regulations concerning online payday loans
and cash advances are subject to change intermittently.
Virginia Payday Loan Laws & LegislationVirginia Payday Loans. The Virginia State Legislature passed a
new payday loan law in April 2008 which put a 36% interest rate
cap on small consumer loans. It also mandated that a statewide
database of payday loan transactions be created and all
prospective borrowers be screened against this database. It is
anticipated the majority of the brick-n-mortar payday loan
operators will abandon the payday loan market to the payday loan
Internet and offshore operators.
We suggest you concentrate your research on the Payday Loan
Internet Model and the Credit Services Organization as described
here. Although our discussion focuses on the Texas Credit
Services Organization Model, you and your team may determine it
is appropriate for a multiplicity of states.
Payday loan restrictions. New regulations will restrict some
payday loans. A law goes into effect July 8th that requires the
State Corporation Commission by Jan. 1 to contract with third
parties to develop and maintain an Internet database that payday
lenders will have to check before issuing loans. Among other
things, payday lenders will be prohibited from issuing loans to
borrowers who already have outstanding payday loans.
Virginia Payday loan laws. Virginia Payday loan legislation.
Virginia has specific payday advance laws. The permitted fee is
15 % of the face amount of the payday loan amount. The permitted
time period is a minimum of 7 days.
The maximum amount of the payday loan allowable is $500.00.
Rollovers are prohibited.
For a thorough discussion of the payday loan industry and access
to our payday loan training materials, we recommend you proceed
to Payday and Paycheck Loans.com
Senator threatens to pull payday lending bill if changes madeBy DENA POTTERAssociated Press Writer February 12, 2007
RICHMOND, Va. -- The sponsor of the last surviving piece of
legislation to rein in the payday loan industry threatened
Monday to pull his bill if opponents try to place harsher
restrictions on the short-term, high-interest lenders.
Sen. Richard L. Saslaw's industry-backed bill is the only one
remaining out of more than a dozen introduced this year to
either reform the industry or repeal the 2002 law that allowed
payday lenders to sidestep the state's 36 percent annual
interest rate limit.
Efforts in the House to reform the industry died last week when
the bill's sponsor struck his legislation after an amendment was
added to cap the annual interest rate payday lenders could
charge at 72 percent.
Saslaw said he would follow suit, killing all hopes of reform
this year.
"If any amendment gets put on it that I don't like, I certainly
will" strike the bill, said Saslaw, D-Fairfax.
Del. Jennifer L. McClellan, D-Richmond, who fought for the 72
percent interest rate cap on the House version of the bill, said
legislators were hoping for a compromise before Tuesday, when a
House committee is scheduled to hear the bill.
"I think it depends how close we are to a deal this afternoon,"
she said. "If we can't reach a deal today, I think probably the
bill will be stricken."
McClellan said she could live without the 72 percent interest
rate cap as long as some sort of measures to protect repeat
borrowers--like a cap on the number of loans an individual could
take out in a year--were added.
The bill would create a statewide database to track payday loans
and limit to three the number an individual can have out at one
time. It also would require a 24-hour cooling off period before
someone can take out a loan after paying one off and allow
borrowers with three loans to have 60 days to pay them off.
Payday loans work by allowing a borrower to write a check up to
$500, plus a fee for $15 for every $100 borrowed. The company
holds the check until the customer's next payday, when he or she
either pays off the loan or the lender cashes the check.
The average payday loan customer in Virginia took out seven
loans in 2005, but opponents say that number is deceiving
because most customers borrow from one lender to pay off
another.
"To me, the goal has always been to break the repeat borrower
cycle, and an interest rate cap is one way to do it, but it's
not the only way," McClellan said. "Their goal is to stay in
business, and the question really is are those two goals
compatible?"
The industry already has come a long way, said Jamie Fulmer,
investor relations director for Advance America, Cash Advance
Centers Inc., the nation's largest payday lender.
"We certainly believe that the reforms that are out there
represent very significant steps toward the protection of
customers," Fulmer said.
Industry supporters have said a 72 percent cap would put the
nearly 800 Virginia stores out of business, allowing them to
charge only $2.77 for a $100 two-week loan.
In 2005, 445,000 customers in Virginia took out more than 3.3
million payday loans, according to industry figures. Supporters
argue that cutting out payday lenders would force customers to
either bounce checks, pay high credit card or utility late fees
or turn to illegal Internet loan companies that charge much
higher rates.
Virginia is one of 38 states and the District of Columbia that
allow payday lending in some form. The businesses are prohibited
in neighboring West Virginia, Maryland and North Carolina.
Legislation in several states aims to clamp down on the
industry.
McClellan said she would prefer nothing pass rather than the
General Assembly put in place meaningless reform.
Citation:Va. Code Ann. § 6.1-459 et seq.
Loan Terms:Maximum Loan Amount: $500Loan Term: Min: 2 pay periodsMaximum Finance Rate and Fees: 36% annual interest + $5
verification fee + 20% of loanFinance Charge for 14-day $100 loan: $26.38APR for 14-day $100 loan: 687.76%
Debt Limits:Maximum Number of Outstanding Loans at One Time: OneRollovers Permitted: None (cannot refinance, renew, or extend)Cooling-off Period: 1 day after pay, 45 days after 5th loan, 90
days after pay planRepayment Plan: Yes, once per year
Collection Limits:Collection Fees: $25 NSF fee; Court Costs; Reasonable Attorney's
Fees (not to exceed $250) Criminal Action: Prohibited
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