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Va. lawmakers approve amendment to anti-predatory financing legislation. Regulations passed mainly with help from Democrats, but ended up being supported by some Republicans in each chamber.

Va. lawmakers approve amendment to anti-predatory financing legislation. Regulations passed mainly with help from Democrats, but ended up being supported by some Republicans in each chamber.

When you look at the Virginia General Assembly’s re-convened session on April 22, lawmakers have actually authorized an amendment proposed by Gov. Ralph Northam to speed the implementation up of a fresh law built to help protect customers from predatory financing.

Senate Bill 421, overwhelmingly supported by voters in a VCU poll, will now just simply simply take impact on Jan. 1, 2021, in the place of July 1, 2021.

Regulations, dubbed the Virginia Fairness in Lending Act, closes loopholes in current Virginia legislation that enable high-cost loan providers to charge customers exorbitant prices for payday and name loans.