Main content
City of Alexandria Homepage
Friday, September 19  •  64°Fair Air Quality: Yellow
CloseWeather Forecast
Today: High 76° Low 61°
Mostly SunnyAir Quality: Yellow
Sat: High 81° Low 62°
Partly CloudyAir Quality: Green
Sun: High 87° Low 63°
Isolated ThunderstormsAir Quality: Yellow
Mon: High 74° Low 53°
Sunny
Tue: High 76° Low 54°
Sunny
City of Alexandria, VA City of Alexandria, VA
Communications & Public Information
Share Share RSS RSS Print Print Text Size Text Size NormalText Size LargeText Size Extra Large
Page updated Jun 26, 2008 11:03 AM
CloseComments

No Comments Posted Yet

FOR IMMEDIATE RELEASE: June 25, 2008    

Alexandria City Council Approves Voluntary Agreement
With Payday and Car Title Lenders
Lenders To Provide $20,000 To Fund Consumer Financial Education Programs

On Tuesday, June 24, the Alexandria City Council approved a voluntary agreement with the payday and car title lending industry, who agreed to provide $20,000 to fund consumer financial education programs in the City, including the City’s Dollarwise Program. Because of this voluntary agreement, the City Council voted to defer action on an ordinance that would have increased the business license tax rate to $0.58 per $100 of gross receipts on all payday and car title lenders, the maximum rate the City is allowed to tax for this subcategory of financial lenders.

“From the outset, our goal has been to protect our most financially vulnerable residents,” stated Mayor William D. Euille. “A consumer financial education program will provide information about the high costs associated with payday loans and provide alternatives that can help residents make financially sound decisions.”