In a press release, the Democrat said he would seek to terminate TitleMax’s lease at 5265 Lee Highway, should that building be included in a land swap between its owner, Virginia Hospital Center, and Arlington County.
Dorsey has also launched an online petition, asking residents to support him in his call to “do all we can to protect Arlingtonians from predatory lending practices.”
The press release from Dorsey’s campaign:
Christian Dorsey, a Democratic nominee for the Arlington County Board, attended a public forum on Wednesday at the Virginia Hospital Center discussing the process for a potential deal between Arlington County and the hospital for County-owned land adjacent to the hospital’s property. One potential deal includes a land swap, where Arlington County would acquire property currently owned by the hospital on the corner of Lee Highway and North George Mason Drive. That property is currently being leased by TitleMax, Inc., a predatory vehicle title lender.
Should Arlington acquire the property, Dorsey committed to opposing any lease renewal for TitleMax. He went further by promising to explore all possible ways to terminate the lease early in the case that Arlington becomes the owner of the property.
“Predatory lenders charge desperate families up to 264% interest on loans,” said Dorsey. “Arlington County should not be in the business of profiting off of those that prey on our most vulnerable populations. That’s why I will oppose any extension of the lease to TitleMax should Arlington acquire the property. Further, I will pursue all avenues that would allow us to terminate that lease upon acquisition of the land.”
“Predatory lending runs counter to our values here in Arlington,” continued Dorsey. “Richmond should be ashamed that they allow these businesses to operate with so little regulation. Charging over 260% interest on a car title loan should not be permissible under any circumstances, and I’ll do everything in my power to stop these businesses from preying on Arlington’s vulnerable working families.”