Today, I held a press conference with Attorney General Mark Herring regarding the continuing problem of predatory lending in the U.S. 1 Corridor and his recent decision to set up a unit in the Attorney General's Office specifically focused on enforcing Virginia's laws against predatory lenders.
There are several things we can do to get this under control:
- Allow local governments to limit the number of predatory lending businesses that can locate in a neighborhood.
- Limit predatory lenders from locating within a certain radius of their targets such as military bases or casinos.
- Prohibit car title lenders from co-locating other financial institutions that offer different products in the same storefront.
- Cap interest rates at thirty-six percent.
