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Virginia officials provide car name loan companies the opportunity to keep information key — they go

Virginia officials provide car name loan companies the opportunity to keep information key — they go

Center’s request for records issued with heavy redactions.

Introduction

The nation’s three major auto-title lenders are pushing Virginia officials to help keep a wide number of their business documents secret, including facts about how usually they be in difficulty with regulators and just how many automobiles they repossess from purchasers who can’t repay their loans.

The bid for privacy is obvious from heavily redacted reports that are annual loan providers filed with Virginia officials on Thursday. The redacted reports had been submitted to your state as an element of a general public records dispute involving the Center for Public Integrity together with companies read the full info here TitleMax of Virginia Inc.; Anderson Financial Services LLC, conducting business as LoanMax; and Fast automotive loans Inc.

Title loans are controversial due to punishing rates of interest they could impose on borrowers. During 2014, the common name loan in Virginia ended up being for $1,048 and took almost per year to settle at 222 per cent annual interest, in accordance with information their state aggregates from all name loan providers. Continue reading Virginia officials provide car name loan companies the opportunity to keep information key — they go