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Crackdown on high-interest loans — blocked for ten years in Richmond — clears a vital first hurdle

Crackdown on high-interest loans — blocked for ten years in Richmond — clears a vital first hurdle

RICHMOND — A bill that bans the sort of online loans that hit Virginians with interest levels often surpassing 900% passed a vital first hurdle in the General Assembly on Thursday.

The legislation focusing on the web organizations additionally would slash costs levied for payday, automobile title as well as other loans that are short-term.