Just Exactly How Virginia’s Fairness in Lending Act Reforms Small-Dollar Loans

Just Exactly How Virginia’s Fairness in Lending Act Reforms Small-Dollar Loans 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 big last re payments, referred to as balloon payments, and reduce rates. The legislation rationalizes exactly …