November 6, 2006 — Payday lending is actually a business that is big the main topic of much debate

November 6, 2006 — Payday lending is actually a business that is big the main topic of much debate

In Virginia, pitting industry supporters against consumer advocates who object into the practice’s short-term, high-interest loans, and making state legislators with a choice to create regarding legislation.

Jay Speer, executive manager for the Virginia Poverty Law Center, defended customers while Michele Satterlund, a lawyer from Macaulay & Burtch, P.C., represented the payday financing industry at a panel Nov. 1 in the University of Virginia class of Law. State Sen. Creigh Deeds additionally spoke concerning the part of legislators in managing the industry during the occasion, that was sponsored by Family site Clinic, the American Constitution community for Law and Policy, as well as the Federalist community.

Pay day loans are usually governed by the states, explained moderator Prof. Daniel Nagin, manager associated with the Law School’s Family Resource Clinic. However the government that is federal got included whenever Congress passed legislation putting a 36-percent limit regarding the yearly interest of loans applied for by active-duty armed forces personnel. […]

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