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Exactly How Virginia’s 2020 Fairness in Lending Act Reforms loans that are small-Dollar

Mittwoch, November 25th, 2020

Exactly How Virginia’s 2020 Fairness in Lending Act Reforms loans that are small-Dollar

Legislation closes loopholes that are regulatory caps interest levels, and provides classes for any other states

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Overview

After several years of legislative efforts to foster a secure and viable marketplace for tiny 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 payments, referred to as balloon re re re payments, and reduce rates. The legislation rationalizes just just what was indeed a disparate structure that is regulatory governed by a patchwork of guidelines that permitted payday and car name loans with unaffordable re re payments and needlessly high expenses, and uncovered borrowers to economic damage, including repeated borrowing and high prices of car repossession. (mehr …)