Ronnie Hudson, the owner of Speedy Cash in Cana, added that while a small segment of the industry might be guilty of abusing consumers, most cash-advance businesses operate ethically and responsibly in making loans, and meet many stringent regulations. The rate structure also is changed under the legislation, which permits lenders to charge a fee of 20 percent of the loan amount, and puts a cap on the annual interest rate of 36 percent. Reynolds has said that his opposition stems from representatives of local charities telling him they had spent much money helping needy area residents pay off loans with extremely high interest rates that they received from payday lenders. In addition to Hudson, other industry representatives predicted that the legislation will drive some payday lenders, particularly smaller cash-advance businesses, out of Virginia. read more