We are wondering how the tourism bureau will market Virginia's newest potential distinction: the predatory lending capital of the eastern U.S?

The Virginia Poverty Law Center has made a couple changes to Virginia's tourism slogan to reflect potential legislation moving through the House.

Virginia Welcomes You. Get A Car Title Loan. Walk Home.

It's simple. It rhymes. It's catchy. And if Senator Saslaw's bill, SB 1367 is passed, it will accurately describe what will happen to thousands with out of state vehicles. If SB 1367 becomes law, those who have cars registered in other states will have the "privledge" of crossing the border into VIrginia to get a car title loan at rates as high at 264%. That sure beats a "Virginia Is For Lovers" t-shirt!

The bill will be heard on the House floor this week. Please take a moment to call your Delegate and ask them to vote NO on SB 1367! Calls are the best way to reach out and let your legislators know you are concerned about this issue. Click here to find out who your legislator is.
 
Let him or her know that SB 1367 harms Virginians and we should not expand predatory lending in Virginia.

VOTE “NO” on SB 1367

·      This bill threatens to rollback the efforts of the past year on car title lending. It would reverse the trend of the past 8 years on predatory lending.

·      Changes a provision in current law that prevents car title lenders from offering title loans to people whose cars are titled outside Virginia.

·      The new Law just went into affect in October 2010

VOTE “NO” on SB 1367

·       Expands practices that create debt and hardship in communities that normally do not allow such practices.

·      Virginia will be the predatory lending hub of the East Coast – Do we want to be known for exporting predatory loans?

VOTE “NO” on SB 1367

A vote for SB 1367is a vote to expand predatory lending.  Don’t make Virginia the capital of predatory lending.