HomeMy WebLinkAbout2010-19RESOLUTION 2010-19
RESOLUTION OF THE TOWN OF PULASKI, VIRGINIA
SEEKING ACTION BY THE GENERAL ASSEMBLY AND GOVERNOR
TO PROHIBIT ALL PREDATORY, USURIOUS LENDING PRACTICES
IN THE
COMMONWEALTH OF VIRGINIA
WHEREAS, the Council of the Town of Pulaski, Virginia, represents the citizens
of the Town of Pulaski, Virginia;
WHEREAS, the Council of the Town of Pulaski, Virginia, believes the citizens of
the Town remain concerned over what are perceived to be predatory, usurious
lending practices in the Town and elsewhere in the Commonwealth, including
practices that can exploit dedicated, brave women and men called to serve in the
United States armed services;
WHEREAS, the Council of the Town of Pulaski, Virginia, shares these continuing
concerns with other municipalities in the Commonwealth and intends through this
Resolution to express the collective sentiments and will of the citizens of the
Town of Pulaski, Virginia that the General Assembly and Governor of Virginia
need to take action to prohibit all predatory, usurious lending practices; 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.
NOW, THEREFORE, BE IT RESOLVED by Town Council of the Town of
Pulaski, Virginia, sitting in regular session this 20th day of July 2010, that, at the
next legislative session, the General Assembly and the Governor of the
Commonwealth of Virginia are hereby requested to enact laws strictly prohibiting
and deterring 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 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; and
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.
This resolution is effective upon adoption and is hereby adopted this 20th day of
July 2010 by the duly recorded vote of the Town Council of the Town of Pulaski,
Virginia as follows:
David L. Clark -Aye Joel B. Burchett, Jr. -Aye
Joseph K. Goodman -Aye Robert A. Bopp -Aye
H.M. Kidd -Aye Morgan P. Welker -Aye
ATTEST:
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Patricia Cruise, Clerk of Council
THE TOWN OF PULASKI, VIRGINIA
BY:
J orrell, Mayor