SENATE DEFEATS PAWNBROKER LATE FEES
RICHMOND - This afternoon, with the help of Lieutenant Governor Ralph Northam's tie-breaking vote, Senate Democrats successfully defeated HB 2394, carried by Dickie Bell (R-Staunton), which would have allowed pawnbrokers to charge late fees up to 10 percent of the amount loaned for each item that is not claimed by the pledged due date.
Said Lieutenant Governor Ralph Northam, "I joined my Democratic colleagues today to defeat this bill that would have expanded predatory lending tactics and pushed more Virginians into a dangerous cycle of debt. I will continue to fight for consumer protections and economic security for all Virginians."
Said Senator Louise Lucas (D-Portsmouth), "When you take a family heirloom to a pawnbroker, it is because you are desperate for cash and have no other choice. We need to be focused on reigning in these types of predatory tactics, not expanding them. This bill would have done nothing to improve our constituents' quality of life."
Said Senator John Edwards (D-Roanoke), "Our Republican colleagues continue to prioritize private interests over the interests of hardworking Virginians. Individuals entering into these types of loans tend to be the most vulnerable of our constituents who are simply trying to get by. Measures like this do far more harm than good. I am glad we were able to defeat it."
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