Associated Press
Jan. 12, 2010

Legislators who worked for months to come up with a compromise over how to regulate Virginia's car title lenders failed to reach a deal Tuesday, the day before the General Assembly session begins.

That means any legislation to rein in the high-interest lenders must be worked out during a frenzied 60-day session...

Sen. A. Donald McEachin, D-Henrico, said he was disheartened that the committee didn't accomplish anything.

"We got nothing from the House, nothing from the Republicans whatsoever to even begin the discussion with," he said. "We just spent the entire summer working on this issue, and for there to be no answers from the other side is disappointing."

...

McEachin's was the most restrictive bill to come out of the panel's work. His would limit the loans to $2,500, which must be repaid over one year with interest not to exceed 10 percent a month for the first two months then 3 percent a month after that.

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