"The State Corporation Commission has approved 11 payday lending companies' requests to offer open-end credit products. An additional seven applications are pending.
In Virginia, lenders offering open-end credit are unregulated. They may charge whatever they want as long as they don't charge anything for the first 25 days." according to the Virginia Pilot.
Even though the drama of the 2008 session ended in a weak bill that neither addressed the over 300% APR or the lending of people more than they could ever repay (can someone say mortgage scams around the country?), the payday lenders have decided that once again they should not have to operate under any lending rules such as the consumer finance act.
Contact your legislator and ask them to address this the FIRST WEEK of the session.