Friday, September 11, 2015

Action Needed on Predatory Lending

Last month, I released my new political advertisement discussing the problem of exploding predatory lending on U.S. 1.

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.

Car Title Lenders on Route 1 are preying on working families and service members with up to 264% interest rates. It's wrong. As your Senator, I'll stop these outrageous rates.
Posted by Scott A. Surovell on Wednesday, August 19, 2015
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.
I have here is media coverage of our press conference.