Just Exactly Exactly How Virginia’s 2020 Fairness in Lending Act Reforms Little Dollar Loans

Just Exactly Exactly How Virginia’s 2020 Fairness in Lending Act Reforms Little Dollar Loans

Legislation closes regulatory loopholes, caps rates of interest, and offers classes for any other states

Overview

After many years of legislative efforts to foster a secure and viable marketplace for tiny loans, Virginia lawmakers in 2020 passed bipartisan legislation—the Fairness in Lending Act (S.B. 421/H.B. 789)—to prohibit loans with large last re re re re payments, called balloon re re re payments, and bring down costs. (altro…)

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