Update: Payday Loan Laws that Hurt Consumers
Our popular article Five Six Payday Loan Laws that Hurt Consumers has been updated…
Today, a kind reader from Virginia brought it to our attention that a city councilman in Alexandria proposed a business licensure tax increase for payday loan shops to the maximum allowable by state law.
We found three news articles which confirmed this story and gave more details about the proposed increase.
For example, a payday loan shop owner currently paying $16,652 per year in business license taxes would now have to pay $27,594 annually.
The shop owner would, of course, pass this increase on to consumers in the form of higher loan prices.
For this reason, we decided to add “Discriminatory Business Tax Increases” to our list of Payday Loan Laws that Hurt Consumers.
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