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.
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