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CPM-Committee on
HISTORY |
The Virginia General Assembly has passed two very different bills concerning Payday Lending. Their action has prompted editorial responses throughout the state (see attached). The issue is now in the “cross-over” process during which legislators will see if the differences between HB12 (which gives some relief to borrowers), and SB588 (which favors the lenders) can be resolved.
The House has passed HB12, which represents a bipartisan compromise through the work of Delegates Glenn Oder (R-94, Newport News), John O’Bannon (R-73, Henrico County), the Black Caucus, and members of the House of Delegates leadership. The Virginia Interfaith Center for Public Policy supports this bill. For more information and to follow the progress of this bill, use the following link:
http://www.richmondsunlight.com/bill/2008/hb12/
The Senate has passed SB588, which favors payday lenders and actually makes the cost of borrowing even higher than it was before. The Virginia Interfaith Center for Public Policy DOES NOT support this bill and urges people to express concerns about SB588 to their senators. For more information and to follow the progress of this bill, use the following link:
http://www.richmondsunlight.com/bill/2008/sb588/
During this “cross-over” process, you may still make your ideas known about Payday Lending. To contact your elected officials, call 1-800-211-0914
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Presbytery of the James |