Governor Ralph Northam approved a bill this previous week-end that advocates state may help protect customers from predatory financing.
The Virginia Fairness in Lending Act, passed away by the home of Delegates and Senate previously this 12 months, is basically focused across the parameters of short-term loans. It tightens legislation on customer lending, funding for individual or home purposes, and also to shut current loopholes for corporations.
The governor did propose an amendment to speed within the legislation’s begin date from July 1, 2021, to Jan. 1, 2021, that may need to be authorized by the typical Assemby if they re-convene in a few days. Continue reading