All Consuming - Financial Litigation Insights: Issue 9, November 2020

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

"The law closes regulatory loopholes, caps interest rates, and provides lessons for other states."

Why this is important: Earlier this year, the Virginia General Assembly, on a bi-partisan basis, passed the Virginia Fairness in Lending Act that contains comprehensive new rules for payday, vehicle titles, installment, and open-end credit. The new law was designed to maintain widespread access to credit and ensure that every loan made in Virginia has affordable payments, reasonable time to repay and fair prices.

Please see full Newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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