RICHMOND - New restrictions that would change the face of Virginia’s $1 billion-a-year payday lending industry cleared the General Assembly by overwhelming margins Thursday. An industry representative branded the bill as too restrictive, saying it penalizes responsible borrowers who need quick cash and see the short term, fee-based loans as a convenient option. Glenn Oder , R- Newport News , sponsored the House version and several lawmakers praised his involvement. The new fee would be 20 percent of the loan amount, plus a $5 fee for the database, plus 36 percent annualized interest, which works out to a few dollars over the shortened term of the loan. Ward Scull, a Newport News moving and storage executive, started Virginians Against Payday Loans after one of his employees found herself hopelessly in debt. New payday lending rules • Borrowers are limited to one loan at a time, and get twice as much time to pay. Read More