Del. David Yancey endured before a panel of their colleagues because they considered one of his true bills.
The legislation aimed to tackle high-interest-rate available end lines of credit, designed to use a decades-old loophole in VirginiaвЂ™s usury legislation initially meant to enable stores to provide credit cards. They charge triple-digit rates of interest, and financial obligation can balloon if borrowers only make their fundamental monthly obligations.
Within five full minutes, the people in the House of DelegatesвЂ™ Commerce and Labor Committee voted up against the bill. It couldnвЂ™t allow it to be towards the House that is full for consideration.
The January 2015 vote was a small victory to Yancey, a Newport News Republican.
вЂњThe very first time I attempted, i really couldnвЂ™t even get yourself a motion,вЂќ he told the constant Press at that time. вЂњLast 12 months, i acquired a movement, but no 2nd.