Gilmore on Payday Lending Practices...

GILMORE COMMENDS GENERAL ASSEMBLY COMPROMISE ON PAYDAY LENDING

Alexandria -- Former Governor Jim Gilmore issued a statement today commending the Virginia General Assembly for their compromise on comprehensive legislation reforming the payday lending industry in Virginia:

"It is no secret that payday lending stores opened under the leadership of Mark Warner and the bill he signed into law. Their loans are deceptive and they should at a minimum be held to the same standards as other small-loan lenders operating in Virginia.

Mark Warner's decision to adopt this policy was wrong and ultimately the people of Virginia have rejected it.

Irresponsible lending hurts working families and ultimately hurts the state's economy. For that reason, I urged the General Assembly to move forward on providing this much-needed consumer protection against the payday lending industry earlier this year. It is long overdue.

The working families of Virginia deserve a fair chance to pay back what they borrow and not to be trapped from the onset in a cycle of debt."


Cross posted at The Journal of Civilized Man.