Exactly Just How Virginia’s Fairness in Lending Act Reforms Small-Dollar Loans

Exactly Just How Virginia’s Fairness in Lending Act Reforms Small-Dollar Loans After several years of legislative efforts to foster a secure and viable marketplace for little loans, Virginia lawmakers in 2020 passed bipartisan legislation—the Fairness in Lending Act (S.B. 421/H.B. 789)—to prohibit loans with big last re payments, referred to as balloon re re re payments, and reduce rates. The legislation rationalizes exactly just just what was in fact a disparate structure that is regulatory governed by way of a patchwork of laws and regulations that permitted payday and automobile name loans with unaffordable re payments and needlessly high expenses,…