Governor Ralph Northam authorized a bill this previous week-end that advocates state can help protect customers from predatory financing.
The Virginia Fairness in Lending Act, passed away by your house 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 close loopholes that are existing 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 overall Assemby once they re-convene in a few days. Continue reading “Gov. Northam approves legislation to fight predatory financing”