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

The legislation focusing on the web companies additionally would slash fees levied for payday, automobile name as well as other short-term loans.

It passed the home work and Commerce Committee 14-8. A comparable bill, sponsored by state Sen. Mamie Locke, D-Hampton, should come ahead of the comparable Senate committee later on this thirty days. (more…)