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Attorney General Bob McDonnell continues to show strong leadership

Posted by Stephen on May 20, 2008

Attorney General Bob McDonnell has filed a lawsuit against NJG, Incorporated and Nicholas J. Gianakos, the operators of Instant Cash Title Loans (“Instant Cash”), a Charlottesville- based automobile “title lender,” for violating Virginia’s Consumer Finance Act.

Between June 2005 and December 2007 Instant Cash charged interest rates that exceeded the statutory limits of Virginia’s Consumer Finance Act. Alan Zimmerman, a writer for the Charlottesville publication, “The Hook,” reported the alleged wrong doing to the Attorney General’s office.

Speaking about the lawsuit, Attorney General McDonnell remarked, “Virginia’s consumer lending laws must be strongly enforced to ensure that borrowers receive legal protection in the marketplace. I am pleased that our Office has been able to move so quickly to address the alleged wrongdoing in this case.”

Since June 2007, Attorney General Bob McDonnell has successfully negotiated settlements with six automobile title lenders. These settlements have provided the following total relief to consumers:

$458,668 in refunds to 2,637 borrowers;

$1,926,969.88 in forborne deficiency collection from 2,944 defaulting borrowers who had their vehicles repossessed; and

$5,089,354.09 in forborne interest collection from 9,624 borrowers

McDonnell continues to show strong leadership while addressing practices that exploit Virginians of every walk of life.
The practices of Car Title Lenders have been adopted from the predatory practices of Payday Lending that have devastated millions of people in the Commonwealth alone.

What McDonnell has done is defend the working poor fighting to survive from check to check, senior citizens that predator lenders target, and those living on a fixed income that get tangled in a web of deceit perpetrated by an industry dedicated to the financial destruction of its customers all in the name of profit.

This is not a conservative or liberal issue, but rather an issue of right versus wrong and once again McDonnell has proven his dedication to doing what is right. It is that internal fortitude that continues to shine within McDonnell which draws overwhelming support for the Attorney General and the work his office continues to do on behalf of all Virginians.

Stephen Winslow is the executive editor of Conservative Viewpoints and a former Manager of a predatory Payday Lender.

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