Governor’s regulations cited as cause
Advance America’s Altavista office, along with the other branches throughout the Commonwealth, is closing its doors. Governor Northam's regulations strangled the company's business viability, according to the company's closure notification. A sign on the door of the Main Street business explains the situation.
“The state of VA recently passed a law that caps the interest rates of the loans we offer. We cannot profitably operate under these new rates and will no longer be in operation. We are very sorry for the inconvenience. Thank you for your business/ loyalty, it has been our pleasure serving you.
“To process a payment on an outstanding loan, please call one of the numbers listed below: Title loan payment: 866-452-6710; Payday loan payment: 844-562-6480.”
No official close date has been announced. A telephone call to the Lynchburg branch on Ward’s Road revealed that the same situation is true there, as well.
This is a breaking news story and will be updated as new information becomes available.