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Herring Continues To Be A Leader In Combating Predatory Lending

April 23, 2010

Leesburg Today

 

Dear Editor: A few days ago, Governor McDonnell signed legislation that finally brings the car title lenders under some regulation in Virginia. I am writing to publicly thank Senator Herring for his assistance in getting this legislation passed.

Although this legislation is far from what we and Senator Herring wanted, it will be an enormous benefit to those Virginians that get trapped in these loans.

I would like to stress that no one should turn to car title loans for help with a financial crisis because the law still allows astronomical interest rates. But for those people who choose to ignore my advice (shocking as that may be), this new legislation will provide some protections when it goes into effect Oct. 1.

Thank you Senator Herring for continuing to be a leader in combating predatory lending.

Jay Speer, Richmond

Virginia Poverty Law Center