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Byline: Carol Hazard
Jun. 17--Virginia is cracking down on payday lenders and shoring up consumer protections.
Payday lenders make short-term loans at triple-digit interest rates, advancing money against borrowers' next paychecks.
Changes in existing law, which take effect July 1, are designed to protect military personnel. But protections for the general public were added as well.
The 2005 changes prohibit payday lenders from garnisheeing military wages or engaging in collection activities against service members deployed in combat zones.
They clarify protections in the Virginia Payday Loan Act, which was adopted in 2002. …