Today, the House Commerce and Labor Committee voted to report SB 1367—the Bill to allow Virginia to export usury. The bill would allow car title companies to give loans to nonresidents with vehicles registered in other states. We were hoping the House Commerce and Labor would vote on the side of Virginia's consumers and kill this bad bill. No such luck, the committee allowed the legislation to move forward. Now it will be up to the House to decide if we expand harmful predatory lending practices in Virginia.
Here are the votes.Please be sure to thank your House Delegate if he/she voted No and express disappointment with those that voted yes. Click here for a list of contacts for your legislators.
A yes vote = A vote to expand lending at 250% interest and there is no excuse for such a vote!
02/15/11 House: Reported from Commerce and Labor with amendment (13-Y 9-N)
YEAS (Dissapointmed in Vote) –Kilgore, Byron, Ware, R.L., Hugo, Janis, Rust, Marshall, D.W., Cline, Miller, J.H., Merricks, Loupassi, Joannou, Lewis–13.
NAYS (Thanks)–Morgan, Purkey, Cosgrove, Johnson, Alexander, McClellan, Ward, Tyler, McQuinn–9.