Virginia Gov. Bob McDonnell signed into law a bill that authorizes car title lenders to issue loans to out-of-state residents.

The industry has been regulated to the point of non-existence in surrounding states; last year, Virginia voted to regulate how much lenders, who use car titles as collateral for loans with high interest rates, can charge clients. People can lose their cars if they fall behind on payments.

Recommended Stories

First round of November Social Security payments goes out in 10 days

The Dan Sullivan scheme: Another ‘conspiracy theory’ turns out to be true

The grass is always greener… until you realize it’s burning