Moran: Helped Bring Payday Lending in Virginia?
McAuliffe just accused Moran of supporting legislation that allowed payday lending into the state.
It's true, but at the time most lawmakers thought the bill would regulate the industry and prevent it from preying too deeply on the poor.
Moran voted for a bill in 2002 that opened Virginia to payday lending. Lawmakers from both parties thought the bill would license and regulate the industry, but instead payday operators quickly multiplied.
Three years later, Moran did vote to enact some of the nation's most stringent reforms of the payday loan industry, though many opponents did not think it went far enough.
Since 1996, Moran has taken $30,200 in donations from lending or consumer credit companies.
May 19, 2009; 2:47 PM ET
Categories: 2009 Governor's Race , 2009 Governor's Race Fact Checker , Amy Gardner , Brian J. Moran , Election 2009
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