Va. lawmakers accept amendment to anti-predatory financing law
Into the Virginia General construction’s re-convened session on April 22, lawmakers has authorized an amendment proposed by Gov. Ralph Northam to speed the implementation up of a brand new legislation made to help protect customers from predatory financing.
Senate Bill 421, overwhelmingly supported by voters in a VCU poll, will now need influence on Jan. 1, 2021, as opposed to July 1, 2021.
What the law states, dubbed the Virginia Fairness in financing Act, closes loopholes in existing Virginia legislation that let high-cost loan providers to charge customers rates that are excessive payday and name loans.