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Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit

Virginia: Payday Lenders Skirted Regulation by Providing Open-Ended Lines Of Credit

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After Virginia Passed A 2009 Law Cracking Down On Payday Advances Including APR Caps And Loan Limits, Payday Lenders Started Providing Open-End Lines Of Credit With No Price Caps.

“There ended up beingn’t much what the law states center could do in order to assist. “The open-end credit loophole is a means that lenders really need to get round the statutes, ” said Ward Scull, the Hampton going business administrator whose use Virginians Against Payday Loans resulted in this year’s crackdown.

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