Governor Ralph Northam authorized a bill this weekend that is past advocates state may 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 essentially focused round the parameters of short-term loans. It tightens legislation on customer lending, funding for individual or household purposes, also to shut 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 will need to be authorized because of the overall Assemby once they re-convene a few weeks.
Regulations passed mostly with help from Democrats, but had been supported by some Republicans in each chamber. Continue reading “Gov. Northam approves legislation to fight predatory financing”