Just how Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans

Just how Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans Legislation closes regulatory loopholes, caps rates of interest, and offers classes for any other states After many years of legislative efforts to foster a safe 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 …

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