Exactly Exactly Exactly How Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans

Exactly Exactly Exactly How Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans

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

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Overview

After several 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 payments, referred to as balloon re re re payments, and reduce rates. [Read more…]