Pay day lenders spent $3.8 Million lobbying... in Virginia

[underpants]

http://www.inrich.com/cva/ric/news.apx.-content-articles-RTD-2008-07-25-0214.html

Lobbyists' spending sets record
Payday-lending backers spent $3.8 million while total topped $20 million

Payday lenders spent millions of dollars attempting to influence legislation before the General Assembly this year.

The payday-lending effort -- lenders spent an estimated $3.8 million on lobbying the legislature -- helped RT-D
FIRST push lobbyists' spending for the past year to more than $20 million.

The lobbying reports cover the period from May 1, 2007, to April 30, 2008, so lobbying for the recent transportation session is not included.

Payday lenders were successful in blocking a cap on interest rates but still face more restrictions than in the past when a new law takes effect Jan. 1.

About $3 million of the payday lenders' expenditures went for advertising and grassroots lobbying. The Community Financial Services Association of America, an umbrella group for the industry, spent $1.9 million on radio, television, print and Web advertising. Virginians for Financial Choices spent $928,000 on grassroots efforts.

In contrast to the proponents, opponents of payday lending spent $129,000.

Ward R. Scull III, a Newport News moving and storage executive and leader in the drive to clamp down on payday lenders, said industry spending will keep the issue alive.

"It's a drop in the bucket to payday lenders," he said. "It did force them to spend money they otherwise would not have spent and it added awareness, for better or for worse, in Virginia of the issue."

[Greyhound]

1. We got rid of about 60% of these bottom feeding scumbag bastards here in Oregon.

We're far better off for doing it and the people that still use the remaining companies have a fair chance of using them as advertised, instead of the endless cycle of debt and collections the majority of the 'industry' creates.

[Hydra]

2. I used to work at one of those places

And I'm sure the profit margin is far in excess of their expenditures to keep it legal.