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A Fairfax County supervisor wants to push the next General Assembly for tighter restrictions on payday loans, charging that some lenders push the economically vulnerable deep into debt. The county attorney’s office has ruled that local governments have no authority to regulate payday lending businesses, which operate under the state’s Payday Loan Act. Hyland (D-Mount Vernon) wants to make payday lending a part of the board’s 2008 lobbying effort in Richmond . Among the other measures under consideration is one that would strengthen the county’s ability to eliminate residential overcrowding and other neighborhood code violations, increase nursing home staff training and amend current law to permit localities to make grants to nonprofit groups or other associations to beautify communities and prevent neighborhood deterioration. State law allows these businesses to charge $15 for a two-week, $100 loan, which amounts to a 391 percent annualized interest rate. Last week the Community Financial Services Association of America, which represents about 60 percent of payday loan businesses, began requiring all member companies to use poster-size displays to disclose fees. Find Out More

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