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
- 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.