Months Prior To Voting Against The Virginia Fairness In Lending Act, Jen Kiggans Accepted A Gift From PRA Group, A Debt Collection Lobbying Group That Was Fined Millions By The Consumer Financial Protection Bureau

April 2020: Kiggans Voted Against Virginia Fairness In Lending Act

Kiggans Voted Against Virginia Fairness In Lending Act. In April of 2020, Kiggans voted against SB 421, which “Replaces references to payday loans with the term ‘short-term loans.’ The measure caps the interest and fees that may be charged under a short-term loan at an annual rate of 36 percent, plus a maintenance fee; increases the maximum amount of such loans from $500 to $2,500; and sets the duration of such loans at a minimum of four months, subject to exceptions, and a maximum of 24 months. Short-term loan licensees are required to make a reasonable attempt to verify a borrower's income and may not collect fees and charges that exceed 50 percent of the original loan amount if such amount is equal to or less than $1,500 and 60 percent of the original loan amount if such amount is greater than $1,500 […] A violation of these provisions is made a prohibited practice under the Virginia Consumer Protection Act. The measure amends provisions of the Consumer Finance Act to, among other things, allow licensed lenders to use the services of access partners and establish requirements that loans be between $300 and $35,000; be repayable in substantially equal installment payments; have a term of no fewer than six and no more than 120 months; charge not more than 36 percent annual interest and a loan processing fee; and require licensees to post a bond. The measure prohibits credit service businesses from advertising, offering, or performing other services in connection with an extension of credit that has an annual interest rate exceeding 36 percent, is for less than $5,000, has a term of less than one year, or is provided under an open-end credit plan.” The bill passed 22-18 and became law on April 4th, 2020. [Virginia General Assembly, SB 421, 4/22/20]

January 2020: Kiggans Accepted A Gift From PRA Group, A Debt Collection Company Fined Millions By The Consumer Financial Protection Bureau

January 2020: Kiggans Filed A Required Disclosure Of Gifts From Lobbyists, Lobbyists’ Principals, Or Contractors With Business Or Seeking Business With The State Government. [Virginia Conflict of Interest and Ethics Advisory Council, Jen Kiggans Session Gift Report, filed 5/6/20]

January 2020: Kiggans’ Gift Disclosure Included A Gift Worth $93.35 From PRA Group. On January 14, 2020, Kiggans accepted a gift of bookbinders valued at $93.35, donated by PRA Group. [Virginia Conflict of Interest and Ethics Advisory Council, Jen Kiggans Session Gift Report, filed 5/6/20]

• PRA Group Was A Debt Collection Firm – “A Global Leader In Acquiring And Collecting Nonperforming Loans Through Our Local Subsidiaries.” “PRA Group (Nasdaq: PRAA) began in 1996 as Portfolio Recovery Associates, headquartered in Norfolk, Virginia. As a global leader in acquiring and collecting nonperforming loans through our local subsidiaries, we return capital to banks and other creditors to help expand financial services for consumers in the Americas and Europe.” [PRA Group, accessed 4/9/21]
• PRA Group Subsidiary Was Penalized By The Consumer Financial Protection Bureau For Deceptive Practices; Penalties Totaled $30 Million In Fines, Refunds And Halted Collections. “The two largest debt collectors in the country are refunding millions of dollars to customers over allegations they used deceptive practices to collect bad debts. The Consumer Financial Protection Bureau charged that Encore Capital Group and Portfolio Recovery Associates bought potentially inaccurate debt, attempted to collect unverified debts and used illegal litigation practices to collect debts […] Portfolio Recovery Associates, which is a subsidiary of PRA Group, has to pay $19 million in refunds, stop collecting on $3 million in debt and pay $8 million to the fund.” [CNN Money, 9/9/15]

2022-2026: Kiggans Accepted $8,900 From PRA Group Inc. PAC For Her Congressional Campaigns

[Federal Election Commission, accessed 6/2/26]