HomeMy Public PortalAbout2010_07_13_R096 Predatory LendingThe Town o f
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RESOLUTION NO. 2010-096
PRESENTED July 13, 2010
ADOPTED JuIY 13, 2010
A RESOLUTION: REQUESTING ACTION BY THE GENERAL ASSEMBLY AND THE
GOVERNOR TO PROHIBIT ALL PREDATORY, USURIOUS LENDING
PRACTICES IN THE COMMONWEALTH OF VIRGINIA
WHEREAS, the Leesburg Town ,Council represents the citizens of the Town of Leesburg,
Virginia; and
WHEREAS, the Leesburg Town .Council believes the citizens of the Town of Leesburg
remain concerned over what are perceived to be predatory, usurious lending practices in the Town
of Leesburg and elsewhere in the Commonwealth of Virginia, including practices that can exploit
hard working, dedicated and brave women and men called to serve in the United States armed
services and their families; and
WHEREAS, the Leesburg Town Council shares these continuing concerns and intends
through this Resolution to express the collective sentiments and will of Leesburg citizens that the
General Assembly and Governor of Virginia need to take action to prohibit all predatory, usurious
lending practices in the Commonwealth of Virginia; and
WHEREAS, it is essential that the General Assembly and the Governor of Virginia address
this matter as a high priority at the next legislative session, leading to enactment of laws strictly
prohibiting and deterring all predatory, usurious lending practices in the Commonwealth of
Virginia.
THEREFORE, RESOLVED, by the Council of the Town of Leesburg in Virginia that, at the
next legislative session, the General Assembly and the Governor of the Commonwealth of Virginia
are hereby requested to enact laws that strictly prohibit and deter all predatory, usurious lending
practices, including but not limited to provisions that would:
1. Impose an interest rate cap of thirty-six percent (36%), calculated as an effective annual
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A RESOLUTION: REQUESTING ACTION BY THE GENERAL ASSEMBLY AND THE
GOVERNOR TO PROHIBIT ALL PREDATORY, USURIOUS LENDING
PRACTICES IN THE COMMONWEALTH OF VIRGINIA
percentage rate including all fees or charges of any kind, for any consumer credit
extended in the Commonwealth of Virginia;
2. Prohibit a creditor's use of a personal check or other device as a means, directly or
indirectly, to gain access to a consumer's bank account;
3. Incorporate into the Virginia Code the protections regarding consumer credit to military
personnel as reflected in the Military Lending Act, 10 United States Code, Section 987.
PASSED this 13th day of July, 2010.
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Town of Leesburg
ATTEST:
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Clerk of C' uri it
P:\Resolutions\Resolutions 2010\0713 Predatory Lending.doc