This is an excellent move and fully in line where the faith community and many others through the VAPERL coalition have been headed. A 36% interest rate cap would put payday loans under the Consumer Finance Act, like all other loans. Delegate Cosgrove and Delegate McClellen are on the right track to take the right action and protect working families with this legislation.

I'm a member of the faith community and I think this bill is a terrible idea. People have a fundamental right to enter into credit and borrowing arrangements with each other that is far older than Virginia and by the way that right extends not only to "working families" whatever that means but ALL families and individuals. Using the government to decide what interest rates are allowed instead of rates reflecting market risk will only limit the ablity of those most in need to obtain badly needed short-term loans.

Good family-friendly bill to protect the unsuspecting who are too often preyed upon by these loan sharks with their deceiving advertising.

Why should a few businesses with many locations in Virginia be allowed to assess usury charges against those who can least afford the rip-off?

Another example of our broke legislative system!

Don't give one Sub-Committee, Committee, or a few members the right to stop full legislative vote on an issue.

Better yet, Let the public vote on this issue and the Camera at Red Light problem.