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Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a critical hurdle that is first

Crackdown on high-interest loans — blocked for 10 years in Richmond — clears a critical hurdle that is first

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

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