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Gov. Northam approves legislation to battle lending that is predatory

Gov. Northam approves legislation to battle lending that is predatory

Governor Ralph Northam authorized a bill this previous week-end that advocates state can help protect customers from predatory financing.

The Virginia Fairness in Lending Act, passed away by the home of Delegates and Senate earlier in the day this is largely centered around the parameters of short-term loans year. It tightens legislation on customer lending, funding for individual or home purposes, also to shut loopholes that are existing corporations.

The governor did propose an amendment to speed the law up’s begin date from July 1, 2021, to Jan. 1, 2021, that may need to be authorized by the overall Assemby if they re-convene in a few days.