Just Just Just How Virginia’s 2020 Fairness in Lending Act Reforms Little Dollar Loans
Legislation closes regulatory loopholes, caps interest levels, and offers classes for any other states
Overview
After many years of legislative efforts to foster a secure and market that is viable 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 re re payments, referred to as balloon re re payments, and reduce rates. The legislation rationalizes just just what was in fact a disparate regulatory framework, governed by a patchwork of laws and regulations that permitted payday and automobile name loans with unaffordable re re payments and needlessly high expenses, and uncovered borrowers to monetary damage, including duplicated borrowing and high prices of car repossession. (more…)
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