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Attorney General Mark Herring takes aim at car-title loan companies
The Virginian-Pilot's story, which is from the Washington Post via the Associated Press:
Attorney General Mark Herring takes aim at car-title loan companies
Va. AG Mark Herring vows to crack down more on car title loan companies
Virginia Politics
By Antonio Olivo September 11
Virginia Attorney General Mark R. Herring vowed Friday to crack down on unscrupulous car-title loan companies, taking aim at an industry that increasingly has replaced payday lenders and is a growing presence in parts of Northern Virginia.
Standing in front of a recently opened car-title loan company on Route 1 in Fairfax County, Herring (D) said many such businesses engage in predatory lending, charging interest rates to customers as high as 300 percent.
Those rates “are trapping a lot of people in a cycle of debt that they can’t get out of,” Herring said at a joint news conference with state Del. Scott A. Surovell (D-Fairfax).
The loans — in which people sign over their car titles as collateral — are legal in Virginia. But Herring said some of the lending is “pernicious.” ... “They’re hurting Virginians, and we need to do more about it,” he said.
By Antonio Olivo September 11
Virginia Attorney General Mark R. Herring vowed Friday to crack down on unscrupulous car-title loan companies, taking aim at an industry that increasingly has replaced payday lenders and is a growing presence in parts of Northern Virginia.
Standing in front of a recently opened car-title loan company on Route 1 in Fairfax County, Herring (D) said many such businesses engage in predatory lending, charging interest rates to customers as high as 300 percent.
Those rates “are trapping a lot of people in a cycle of debt that they can’t get out of,” Herring said at a joint news conference with state Del. Scott A. Surovell (D-Fairfax).
The loans — in which people sign over their car titles as collateral — are legal in Virginia. But Herring said some of the lending is “pernicious.” ... “They’re hurting Virginians, and we need to do more about it,” he said.
Previously at DU:
Usury Explosion: Northern Virginia Becomes Hotbed for Car-Title Lending Industry
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