Exactly Just How Virginia’s Fairness in Lending Act Reforms loans that are small-Dollar

Exactly Just How Virginia’s Fairness in Lending Act Reforms loans that are small-Dollar After many years of legislative efforts to foster a secure and viable marketplace for little loans, Virginia lawmakers in 2020 passed bipartisan legislation—the Fairness in Lending Act (S.B. 421/H.B. 789)—to prohibit loans with large final payments, referred to as balloon re payments,…