I oppose this bill. Looking at the size of it and all the other bills referenced, it looks like regulation run amok.

Annual rate of interest is capped at 12%. So if I need medicine for a sudden illness in the family and I don't get paid for a week, this bill makes it illegal for me to borrow $200 and pay back $220. While $20 is only 10% of the principal borrowed, the annual rate for that one week is over 12%. Am I correct in this?

Banks don't like payday lenders but banks don't offer services payday lenders offer. Banks don't offer short-term micro-loans. They won't cash your check without a fee. They don't sell money orders or even cashier's checks anymore. A cashier's check has to paid in funds from an account at the bank. You can't pay cash for a cashier's check at any fee.

On WINA's "Charlottesville Right Now" yesterday, the Delegate said payday loans are typically from $100 to $500 but the borrower can't pay it back. If they could, they wouldn't be borrowing the money in the first place.

So the payday lending industry is expanding because they're losing money? Their business model is to make loans that people don't pay back?

If the bill is not intended to hurt working class citizens and reduce their financial options, what is the intent? Will government be my only source of help during an emergency by law?