Shannon Releases Statement on Cuccinelli Consumer Protection Proposal

From the Shannon for AG campaign. Go Steve!

Attorney General candidate Steve Shannon released the following statement today in response to Ken Cuccinelli’s press announcement of his consumer protection agenda:

“Consumer protection is an important issue for the Attorney General. Unfortunately, Senator Cuccinelli opposes a flat cap on interest rates for predatory payday lenders who harm consumers with 400 percent interest rate loans. I believe protecting Virginia’s consumers means putting them ahead of a personal political agenda.”

In the first debate between Cuccinelli and Shannon in June, 2009, Cuccinelli voiced his opposition to a flat cap on interest rates for payday lenders, saying that the loans they offer, that can carry interest rates of 400 percent or more, are a “legitimate product.”