STAUNTON Despite appeals from members of the payday industry, City Council unanimously passed a resolution that will ask the General Assembly to cap rates at 36 percent for all consumer loans in Virginia. The payday industry employs 3,000 people in Virginia, Drummond said. If the resolution succeeds and the General Assembly passes a cap, these people would lose their jobs, Drummond said. Before the meeting, Drummond said that if rates were capped at 36 percent, payday lenders could only charge $1. If the General Assembly did decide to cap rates at 36 percent, it would shut the industry down, he said. But the payday industry itself generates that misinformation, or should we call it misleading misinformation? read more