After many years of legislative efforts to foster a safe and market that is viable little loans, Virginia lawmakers in 2020 passed bipartisan legislation—the Fairness in Lending Act (S.B. 421/H.B. 789)—to prohibit loans with big last re payments, referred to as balloon re re payments, and reduce rates. The legislation rationalizes exactly just just what was indeed a disparate regulatory framework, governed by a patchwork of regulations that permitted payday and automobile name loans with unaffordable re re payments and unnecessarily high expenses, and uncovered borrowers to economic damage, including duplicated borrowing and high prices of car repossession. Continuar lendo Exactly Just How Virginia’s Fairness in Lending Act Reforms Small-Dollar Loans